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California Encourages Long Term Care Preparation with Partnership Policies

By |June 10, 2014|Categories: Buying Tips, Government, Insurance Industry, Retirement Planning, States|Tags: , , |

Planning for long term care isn’t as simple as setting money aside and being done with it, especially in states where care costs more than the national average. California is one of those states and residents can benefit significantly from taking the time to prepare for long term care costs in advance. The California Partnership for Long-Term Care provides a way to help Californians plan for the expenses associated with long term care without breaking the bank.

Long Term Care Expenses

The California Medi-Cal system currently pays for the majority of long term care facility expenses throughout the state. With the “Silver[…]

Connecticut House Passes Bill to Address Long Term Care Insurance Rate Hikes

By |May 5, 2014|Categories: Breaking News, Insurance Industry, States|Tags: , , , , |

The Connecticut House of Representatives recently passed a bill that is designed to mitigate the financial burden of Long Term Care Insurance rate increases on consumers.

Spreading Out the Cost

S.B. 199 would require insurers filing for a rate increase of 20% or more on any Long Term Care Insurance policy to spread the monetary increase out over a period of three years or more. The bill also requires insurers to provide policyholders with advanced notice of a premium rate increase before the increase is implemented, in addition to offering an option for policyholders to reduce their benefits and keep their[…]

Connecticut Rejects Unum’s Request for Long Term Care Insurance Rate Increases

By |March 21, 2014|Categories: Breaking News, Companies, Government, Insurance Industry, States|Tags: , , |

The Connecticut Insurance Department has rejected a unit of Unum’s application for rate increases on certain Long Term Care Insurance policies throughout the state.

Application for Increase

UNUM Life Insurance Company of America, a unit of Unum Group Corporation, applied for a rate increase averaging 45% on their group policies in effect in Connecticut. Their original request cited the need to ensure “policies remain priced at an appropriate level to meet our future claims obligations.” Those group policies are no longer for sale, as the unit left the group Long Term Care Insurance market in 2012, but 2,217 Connecticut residents still have[…]

Utah Legislature Passes Bill to Create Long Term Care Insurance Partnership Program

By |March 17, 2014|Categories: Breaking News, Government, Insurance Industry, Retirement Planning, States|Tags: , , |

The state of Utah is posed to pass a bill that helps incentivize the purchase of Long Term Care Insurance and prepare state residents for the risk of long term care.

Senate Bill

S.B. 14 was sponsored by Senator Todd Weiler (R- Woods Cross) and introduced in the Senate on January 27th. The bill authorizes the Department of Health to set up a Long Term Care Partnership Plan for the state of Utah. It passed in the Senate on February 10th and in the House on February 26th. S.B. 14 is now awaiting the signature of Utah Governor Gary Herbert.

The bill isn’t[…]

Pennsylvania Long Term Care Commission Holds First Meeting

By |March 12, 2014|Categories: Breaking News, Government, Retirement Planning, States|Tags: , , , , |

The Pennsylvania Long Term Care Commission met for the first time last week to sort out the details of their agenda for the year.

Pennsylvania Long Term Care Commission

On Monday, March 7, the Secretary of Public Welfare Beverly Mackereth and Secretary of Aging Brian Duke met with the other 23 members. The gathering was an organizational meeting to decide future meeting dates and locations and any other necessary information before they begin their work as commissioners.

Governor Tom Corbett created the Pennsylvania Long Term Care Commission on January 31, 2014 via executive order as part of his Healthy[…]

Pennsylvania Governor Creates Long Term Care Commission

By |February 4, 2014|Categories: Breaking News, Government, Insurance Industry, States|Tags: , |

The state of Pennsylvania is moving forward in its effort to address the growing issue of long term care. Governor Tom Corbett signed an executive order on Friday, officially creating the Pennsylvania Long Term Care Commission.

Long Term Care Commission

Several months after the original proposal of Healthy Pennsylvania, the commission will begin their work. The Healthy Pennsylvania plan was suggested to help curb the financial strain placed on the state Medicaid program and help integrate the long term care system. The plan faced heated opposition, though, mainly from Democrats who viewed it as a gutting of Medicaid. Amidst all the[…]