- With Covid-19 Outbreak, Life/Health Insurers Get Real World Test of Enterprise Risk Management Programs
Will 'pandemic scenario' preparations, installed after 2007 crisis, work?
AM Best believes insurers have done well in implementing improved enterprise risk management (ERM) controls since the financial crisis a decade ago, but until the COVID-19 virus outbreak, these changes have not faced a significant test.
read more - New Financial Stress Survey Shows How Workers Deal with Unexpected Expenses
Voluntary Benefits are One Way Employers Can Offer Alternatives to Credit Card Debt
Unexpected expenses can derail budgets and send those living paycheck-to-paycheck further into credit card debt. Results of a survey conducted online by The Harris Poll on behalf of Purchasing Power® in December 2019 among 807 U.S. adults who are employed full-time reveals that 83% of full-time employed Americans faced an unexpected expense in the last…
read more - The Ballooning Costs Of Long Term Care
14 million people need long-term care today; By 2030 that will be 24 million
An estimated 14 million people in the United States currently need long-term support services.[1] According to the Department of Health and Human Services (HHS), 7 in 10 seniors reaching 65 years old are now expected to need some type of long-term care (LTC) before the end of their life.
read more - LIMRA Establishes Data Exchange Standards for Non-Medical Workplace Benefits
A new standard for data-exchange
LIMRA today released the first set of data exchange standards focused on post-enrollment data for the employee benefits market.
read more - Trends That Will Shape Senior Care in 2020
Challenges and opportunities of a rapidly changing industry
Health Dimensions Group (HDG), a leading post-acute, long-term care, and senior living consulting and management firm recently published “2020 Top Trends In Aging Services: Preparing For Historic Changes,” a strategic resource for senior care organizations working to achieve success in the coming year.
read more - U.S. Medicare Supplement Continues to Gain Popularity
Net premiums rise 55% 20 $30 billion
Net premiums earned for the Medicare supplement insurance line of business have risen 55% since 2011 to $30 billion annually, in line with growth in the senior population and the expansion of other Medicare-related products during this timeframe, according to a new AM Best report.
read more - How One Advisor Lost a Client Over a Very Simple Housing Wealth Question
Should you be talking to your clients about reverse-mortgage strategy?
by Don Graves, RICP®, CLTC®, Certified Senior Advisor, CSA®
Earlier this year, an advisor friend called me to say that his client had just cussed him out over a reverse mortgage situation. Here’s what happened. Joe and Mary Johnson (age 65) had been clients of David Wilson, CFP for the last 15 years.
read more - Increased 2020 Tax Deductible Limits For Long-Term Care Insurance Announced
Sloan: A 'great subsidy,' especially after retirement
The just announced increased 2020 tax deductible limits can be a significant benefit for those with tax-qualified long-term care insurance policies according to the American Association for Long-Term Care Insurance(AALTC).
read more - Consumers Should Avoid These Misconceptions About Paying and Planning for Long-term Care
While customers and financial professionals agree on the importance of planning for long-term care, the proper steps are not being taken
Planning for long-term care needs has become an increasingly important topic as the population ages and people are living longer. While the effects of a life-changing health event could impact the entire family, research released by Lincoln Financial Group during Long-Term Care Awareness Month (November) shows that consumers don’t know the entire truth about long-term…
read more - Older Patients And Caregivers Unaware Of Care Options Designed To Alleviate Challenges Of Aging
New survey finds many incorrectly believe depression, dementia and lack of mobility are inevitable
Care of older adults is mired in misinformation, with most older patients and caregivers mistakenly believing that sharp declines in quality of life are inevitable, according to a new survey from WebMD and The John A. Hartford Foundation.
read more - Aging & The Burden Of Care
Skyrocketing care costs may make the dream of aging at home more challenging
The fastest-rising long term care costs are no longer for the most skilled care – in a facility, they're now for the least-complex care – at home, according to Genworth's latest 2019 Cost of Care Survey results, announced today.
read more - Has Affordable Care Finally Gained Traction?
Americans Settle in During Healthcare Uncertainty
Six years after Health Insurance Exchanges were first launched as a result of the Affordable Care Act (ACA), Americans report they are largely satisfied with their healthcare options, according to a survey of 3,760 adults ages 18-64 in August 2019 by national nonprofit Transamerica Center for Health Studies® (TCHS).
read more - Less than Half of Employers Offer Benefits to Nontraditional Workers
Despite recognizing this risk, more than 7 in 10 plan to continue gig work in the future
Gig work, like being an Uber driver or freelance writer, has become more commonplace. LIMRA research shows 26% of all U.S. workers participate in gig work either as their primary job or as a secondary source of income and almost three quarters of these workers believe they will continue working in this capacity over the…
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