Missed Opportunities: Addressing Long-Term Care Insurance Needs

Survey: Cost of providing long-term care at home is rising faster

The cost of long-term care provided at home has increased year over year in 2017, with the cost of home health aides' services up more than 6% and that of homemaker services up 4.75%, a Genworth Financial survey found. The faster pace of cost increases is the result of factors…

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Commentary: Life insurance can help fund long-term care

Seniors who face the possibility of lapsing or surrendering a life insurance policy can exchange the policy on secondary markets to help pay for long-term care, writes Chris Orestis of GWG Life and Life Care Funding. The proceeds from selling a policy can be used to fund a long-term-care benefit…

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Kitces: Tax strategies for long-term-care insurance

Michael Kitces reviews the tax laws and rules applicable to the deductibility of long-term-care insurance premiums and offers some strategies to maximize taxpayer benefits. Financial Planning online

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June 8 Self-Directed Power Lunch Recap

The relaunch of our Self-Directed Power Lunch (SDPL) meetings are off to a fast start. At our SDPL meeting on Thursday, June 8, co-host Isaac Deutsch Account Executive, Brokers Central LLC did a fine job addressing the hot topic of Traditional LTC vs Hybrid LTC and Linked LTC products. Following is…

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Begin with the basics when discussing LTC insurance, exec says

Advisers should "start small" when discussing long-term-care insurance options with clients to avoid overwhelming them with the cost of comprehensive coverage, said Roberta Eckert of Nationwide's Retirement Institute. Eckert recommended beginning with a discussion of insuring the basics, such as home health care, and leaving a discussion of nursing home…

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Regulator offers 5 key factors in reviewing LTCI rate requests

Fred Andersen, chief life actuary at the Minnesota Commerce Department, has developed a list of five factors for regulators to consider when evaluating requested rate increases for long-term-care insurance. Those factors include the findings of new morbidity studies, "shrinking" older blocks of LTC insurance, and the effects that long-term projections…

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Report: LTC premiums to drop for some men, rise for others

A healthy 55-year-old Tennessee man is poised to pay 20% less this year for a top-tier stand-alone policy covering long-term care, according to the American Association for Long-Term Care Insurance. Men's premiums for mid-level coverage are up 3%, while women's premiums for mid- and top-level coverage are each up less…

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Commentary: How LTC, critical-illness riders are distinct

Life insurance with a long-term-care or critical-illness rider can be a better choice than a stand-alone LTC policy, but consumers need to know the differences between the types of riders, writes Rod Rishel of AIG Consumer Insurance. One factor is that LTC riders are required to have consumer-protection provisions, while…

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Regulators weigh treatment of small LTCI blocks

Regulators are considering exempting insurers with small, closed blocks of long-term care insurance from asset-adequacy analysis requirements, according to conference call minutes from a National Association of Insurance Commissioners meeting. LifeHealthPro (8/30)  

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Expert suggests how LTC products can better protect low-income people

Bonnie Burns of California Health Advocates told a National Association of Insurance Commissioners subgroup that long-term-care insurers should tailor some products to protect low-income people from financial ruin. Burns' suggestions include partnering with Medicaid to help low-income people keep long-term-care policies, offering premium subsidies and streamlining the claims process. LifeHealthPro…

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