Connecticut Long Term Care Insurance Bill Killed in Legislative Committee
A bill introduced in the Connecticut General Assembly that would create a $500 personal income tax credit for premiums paid on Long Term Care Insurance has lost momentum.
Killed in Committee
On Monday, the Finance Revenue and Bonding Committee decided not to vote on the bill. Their decision gives the bill an uncertain fate during the current legislative session.
Objections raised by opponents of the bill claim it is too costly to the state. The tax credit will cost an estimated $71.5 million in 2014, $78.3 million in 2015, and $84.6 million annually from 2016 on, according to the Office[…]
Recent Studies Show Americans Uninformed About Long Term Care Insurance
A recent study released by AP portrays a staggering lack of preparedness by Americans age 40 and up in the case of Long Term Care Insurance options.
The Rising Need for Long Term Care
Long Term Care is still one of the least popular insurance policies in the nation; only 1 in 10 seniors currently have Long Term Care Insurance. This statistic is shocking because, according to a government study for people 65 years and above, 1 in 2 Americans and 7 in 10 seniors will need Long Term Care at some point. ![long term[...]
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Newly Introduced House Bill Tightens Medicaid Eligibility for Long Term Care
A bill introduced last week in the U.S. House of Representatives seeks to tighten Medicaid eligibility for Long Term Care by allowing states to decrease the amount of home equity exemption to as low as $50,000.
H.R. 1702, or the “Medicaid Program Integrity Act of 2013”, also includes an attempt to eliminate the Maintenance of Effort rules. The Maintenance of Effort rules, which were established in the Affordable Care Act, have been preventing states from closing loopholes that allow Medicaid fraud in long term care services.
Bill Meant to Minimize Medicaid Abuse and Fraud
Both provisions of the bill are intended to reduce Medicaid[…]
Medicare Spared ACA Cuts, CMS letter says
A letter released Tuesday by the Centers for Medicare & Medicaid Services (CMS) dispelled concerns that ACA-mandated Medicare cuts would go into effect this year.
According to the letter, the CMS Chief Actuary is required to calculate the projected 5 year growth rate of per capita cost and spending for Medicare. It must then be determine dwhether or not the growth rate falls within a specified range. The projected growth rates are based upon the medical category of the Consumer Price Index. If the projected growth rate does not fall within the target range, a “savings target” will be implemented and Medicare[…]
Genworth to Stop Selling AARP Long Term Care Insurance Branded Products
Genworth announced today that they will cease new sales of AARP Long Term Care Insurance branded products.
This cessation comes nearly 6 years after the two companies joined together to provide innovative Long Term Care Insurance products specifically for AARP members. Existing Long Term Care coverage will not be affected by the change. 
Genworth (NYSE: GNW) is a Fortune 500 company that currently holds the ranking as the largest Long Term Care Insurance provider in the nation.
In 2007, Genworth joined with AARP to provide unique Long Term Care planning tools[…]
Long Term Care Changes for Transamerica in New York
A press release sent out this morning by Transamerica outlines the new changes and policies associated with the upcoming sale of TransCare II 2012 in New York.
Transamerica will make TransCare II 2012 available in New York effective May 9, 2013.
TransCare II, their previous Long Term Care insurance, will no longer be available in New York after May 8, 2013.
New York is the most recent state to acquire TransCare II 2012. California began selling TransCare II 2012 on March 22, 2013.
Several changes will go into effect and are applicable only to businesses in New York. New business rates will increase 5%. These new[…]
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