long-term care insurance

The Trump Administration Thought About Reforming Long-Term Care Insurance. But Decided Not To

Two years ago, the Trump Administration quietly began a review of the nation’s long-term care (LTC) insurance system, focused primarily on ways to enhance private coverage. This week, just as quietly, an administration task force released its report. Unfortunately, for the most part, the group was unwilling to commit to any meaningful changes to a badly broken system. It made [...]

By |2020-08-12T16:47:44-04:00August 12th, 2020|long-term care insurance|0 Comments

Sales Of Traditional Long-Term Care Insurance Policies Continue To Fall

Americans bought only about 60,000 stand-alone long-term care (LTC) insurance policies in 2018, down 13 percent from 2017. Only about 15 carriers were actively selling policies, and five of them accounted for more than three-quarters of the market, as measured by premiums. The grim news was included in the latest version of an authoritative annual survey of long-term care insurance [...]

By |2019-07-03T12:05:24-04:00July 3rd, 2019|long-term care insurance|0 Comments

A Top House Democrat Mulls A Medigap Long-Term Care Benefit

House Ways & Means Committee Chair Richard Neal (D-MA) is mulling a plan to add a limited long-term care benefit to Medicare Supplement (Medigap) insurance. Minnesota proposed a similar plan last year. And the idea would expand to traditional Medicare a recent innovation that added limited supports and services to Medicare Advantage managed care plans. Neal is the second key [...]

By |2019-06-10T16:58:42-04:00June 10th, 2019|long-term care insurance|1 Comment

The Trump Administration Is Looking At Tax Breaks And Other Ways To Boost Private Long-Term Care Insurance

The Trump Administration is (very quietly) looking at ways to reinvigorate the flagging private long-term care (LTC) insurance market. The recommendations are expected to surface later this year. And they likely will be very modest. The ideas being considered would make some regulatory changes and create new tax subsidies to encourage consumers to purchase private LTC insurance. They would send [...]

Washington State’s Public Long-Term Care Insurance Program Is On The Verge Of Becoming Law

A first-in-the-nation state long-term care insurance program is likely to become law within a few weeks. In Washington State, both houses of the legislature have approved the measure, though they must resolve relatively minor differences between the two bills. Gov. Jay Inslee has promised to sign it. Washington would be the first state in the US to enact a public [...]

Another Shock To The Long-Term Care Insurance Industry

Genworth, once the largest seller of long-term care insurance policies, has announced that it has stopped selling individual stand-alone coverage, as well as immediate annuities, through brokers and agents. Company officials say the decision is temporary, but for now it will sell only through direct-to-consumer channels or through employers or affinity groups--currently a very small market. Independent brokers fear the [...]

By |2019-04-01T11:49:26-04:00April 1st, 2019|long-term care insurance|10 Comments

Is Washington State About To OK Public Long-Term Care Insurance?

Washington State may soon approve the nation’s first publicly-funded long-term care insurance program. The measure, called the Long-Term Care Trust Act, would provide a maximum benefit of $36,500 for people who need assistance with at least three activities of daily living (ADLs) such as bathing, toileting, transferring, dressing, or eating. It would be funded with a payroll tax (or what [...]

By |2019-03-03T17:27:04-05:00March 1st, 2019|long-term care insurance|1 Comment

Minnesota Considers Two New Ways To Pay For Long-Term Care

Would you buy a term life insurance policy that automatically converts to long-term care coverage once you reach retirement age?  How about paying a modest additional premium to add some home care benefits to your Medicare Supplemental (Medigap) insurance or your Medicare Advantage plan? Minnesota, a state that has been a leader in long-term care delivery reform, may soon experiment [...]

Stand-alone  Long-Term Care Insurance Continues To Fade Away

Only about 89,000 people bought private long-term care insurance in 2016, a nearly 14 percent decline from 2015, according to an industry survey.  Nearly all were bought in the individual market, though about 15,000 people purchased coverage through their jobs. The sales decline continues a stunning trend. At the market’s peak in 2002, consumers bought 750,000 traditional policies, eight times [...]

By |2018-02-14T12:43:53-05:00September 8th, 2017|long-term care insurance|1 Comment

The House Health Bill: Bad For Seniors, Bad For Long-Term Care Insurance

The House-passed health bill could further batter the already-beaten down market for long-term care insurance. And drive even more middle income seniors into impoverishment and onto Medicaid long-term care. Here’s why:  The House bill, called the American Health Care Act (AHCA) would significantly raise health insurance premiums and out-of-pocket medical costs for buyers aged 50-64. And that is exactly the [...]