Monday, March 25, 2013

Long Term Care Insurance Exec Cites Medicare Deficiency Report

Los Angeles; March 5, 2013 – Medicare paid over $5 billion to nursing homes that were not meeting basic requirements resulting in some cases in dangerous and neglectful conditions.

According to the report from the Department of Health and Human Services’ inspector general, in 2009 Medicare paid for stays in skilled nursing facilities that failed to meet federal quality of care rule. The investigators estimated that one out of every three times patients wound up in nursing homes that year, they landed in facilities that failed to follow basic care standards laid out by the federal agency that administers Medicare.

“These findings raise concerns about what Medicare is paying for,” the report said. “Indeed they should raise concerns,” stated Jesse Slome, executive director of the American Association for Long-Term Care Insurance, a national trade group. “We know not everyone can afford or health qualify for private long term care insurance but those who don’t want to depend on the future ability of government programs to provide quality care should do some planning.”

Investigators estimated that in one out of five stays, patients’ health problems weren’t addressed in the care plans, falling far short of government directives. The Office of Inspector General’s report was based on medical records from 190 patient visits to nursing homes in 42 states that lasted at least three weeks.

The sample represents over one million patient visits to nursing homes nationwide in 2009, the most recent year for which data was available. “Everyone wants the highest quality of care and Medicare benefits but no one wants to pay the taxes so it’s just silly to expect significant change,” Slome declared. “Ultimately we believe private long term care insurance offers the ability to have greater choice when it comes to choosing where care is received and while it isn’t a universal solution for all, for millions it provides a level of assurance, support and funding that is most beneficial.”

Monday, March 18, 2013

Long Term Care Insurance Association Members Eligible For MDRT

Insurance agents wishing to apply for membership in the Million Dollar Round Table must also belong to an industry organization such as the American Association for Long-Term Care Insurance. “The Million Dollar Round Table is a professional trade association formed in 1927 to help insurance salespeople and financial advisors establish best business practices,” explains Jesse Slome, executive director of the long term care insurance trade group AALTCI. Members typically sell risk-based products like life insurance, disability and long term care. According to recent reports MDRT has some 40,000 members in over 80 countries. “To belong, an insurance agent must meet qualification requirements including sales production as well as membership in an outside independent organization,” Slome explains. Membership in AALTCI has been approved for MDRT eligibility.

Monday, March 11, 2013

New Long Term Care Insurance Growth Options Advantageous

Consumers considering long term care insurance protection should consider various options that can significantly reduce their cost explains one of the nation’s leading industry experts
.
“Newer policies introduced by leading insurers offer some significant savings advantages well worth considering,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance. The head of the national trade group based in Los Angeles, CA encourages consumers between the ages of 55 and 65 to begin planning by working with a knowledgeable professional.

“Policies today have evolved to meet both the needs of younger individuals who want to plan and to take into account the current economic conditions,” Slome explains. “When interest rates were higher and when inflation was high, the standard long term care insurance policy option selected increased policy benefits by five percent yearly,” he notes. “Today that is a very expensive proposition and may simply be out of reach and not needed by many.”

According to the Association, a couple both age 55 who apply for long term care insurance today can expect to pay around $4,100 a year for an initial policy providing $164,000 coverage for each which grows at five percent yearly.

By comparison, Slome notes that the same initial coverage would cost $1,300 if the couple selected a Future Purchase Option. “This is an outstanding option because it allows the couple to increase benefits in future years without having to meet new health qualifications,” Slome explains. Leading insurers such as John Hancock offer options like this as part of their new Benefit Builder series.

“Just as people today want fuel efficient cars because gas prices have significantly risen, people who want long-term care protection should consider the significant merits and savings obtained by opting for the Future Purchase Option feature,” Slome advises. The expert notes that not all insurers today offer this benefit. “With long term care insurance the policy options and costs can vary significantly from one insurer to the next,” Slome notes. For example, while the average cost reported was $1,300 annually, the cost ranged from a low of $1,250 to a high of $1,770.

Monday, March 4, 2013

Long Term Care Insurance Exec Cites Medicare Deficiency Report

Medicare paid over $5 billion to nursing homes that were not meeting basic requirements resulting in some cases in dangerous and neglectful conditions.

According to the report from the Department of Health and Human Services’ inspector general, in 2009 Medicare paid for stays in skilled nursing facilities that failed to meet federal quality of care rule. The investigators estimated that one out of every three times patients wound up in nursing homes that year, they landed in facilities that failed to follow basic care standards laid out by the federal agency that administers Medicare.

“These findings raise concerns about what Medicare is paying for,” the report said. “Indeed they should raise concerns,” stated Jesse Slome, executive director of the American Association for Long-Term Care Insurance, a national trade group. “We know not everyone can afford or health qualify for private long term care insurance but those who don’t want to depend on the future ability of government programs to provide quality care should do some planning.”

Investigators estimated that in one out of five stays, patients’ health problems weren’t addressed in the care plans, falling far short of government directives. The Office of Inspector General’s report was based on medical records from 190 patient visits to nursing homes in 42 states that lasted at least three weeks.

The sample represents over one million patient visits to nursing homes nationwide in 2009, the most recent year for which data was available. “Everyone wants the highest quality of care and Medicare benefits but no one wants to pay the taxes so it’s just silly to expect significant change,” Slome declared. “Ultimately we believe private long term care insurance offers the ability to have greater choice when it comes to choosing where care is received and while it isn’t a universal solution for all, for millions it provides a level of assurance, support and funding that is most beneficial.”