As March roared in like a lion across parts of the US, the sun began to shine in Sacramento on March 1, 2018 when the California LTCI Task Force agreed and voted unanimously to implement the “Sub-Task” force recommendations regarding the “Revitalization” (Noun: the action of imbuing something with new life and vitality) of the California Partnership for Long-Term Care program in California. [Read more…] about California Producer Alert: Long-Term Care Insurance Market 2018 Update
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In our last Article, The Blind leading the Blind: State of Confusion in the LTCI Industry 2017 Holiday Edition (part one), we shared the results of a recent national LTC Survey conducted by Genworth in the 3rd quarter of 2017 that eventually highlighted American Consumer ignorance about Long-Term Care costs and it’s financing options.
Within weeks, another article in Think Advisor dated for November 25, 2017, states “One America Sees LTC Solution Knowledge Gap.” One America says they have new evidence that ignorance continues to be a barrier to use of insurance-based Long-Term Care planning arrangements. [Read more…] about Blind Leading the Blind: The Fleecing of the LTC Insurance Industry (2018 New Years Edition – Part 2)
As we here in California prepare for the re-launch of the California Partnership for LTC, I feel it is imperative that we address the “state of confusion” within the LTCI Market and Industry and what we can do about it!
As we enter a critical conjuncture in this LTCI marketplace, I am absolutely stunned by a recent article in/on the “Think Advisor” website dated October 22, 2017, titled “Americans worried about Long-Term Care but Have No Plan to pay for it: Genworth.”
On September 27, 2017, the California LTC Insurance Task Force met for the third time with positive results!
Based on the last two meetings and the feedback received by the task force participants, DHCS (Department of Health Care Services) was able to distill the responses into four general areas to further explore:
1) Current/new policy design & financing (cost sharing)
2) Consumer Education/Outreach
Plan Design: Coverage Type
Long, long ago, you may have recommended Nursing Home only coverage for your prospective clients. You may also have offered Home Care only coverage.
Today, 95% of traditional LTC Insurance policies sold provide Comprehensive coverage for care in the home, community and facilities including Nursing Homes.
Another decision you must make regarding the coverage type is whether to sell a Partnership or a non-Partnership plan. With the exception of California, where regulations regarding inflation options are making the Partnership product unaffordable in many cases, you can almost always choose a Partnership product offering comprehensive coverage. [Read more…] about Secrets of LTC Insurance Plan Design – Part 5 of 5 Designing LTC Insurance Plans That Help Your Prospects Buy!