Long term health care insurance has not been a profitable product for most insurance companies in the last decade. Many insurance companies found themselves paying out more than was expected to customers due to rising health care costs, including pharmaceutical cost increases. The number of customers buying long term health care policies in the last decade has declined considerably due to many factors, including the downturn in the economy. In the U.S., only a small percentage of people are insured for long term health care…
Posts tagged "Long Term Care"
Long-Term Care Awareness Campaign “3 in 4 Need More” Gains Support
KIRKLAND, WA, November 21, 2011 (SEND2PRESS NEWSWIRE) This month the 3in4 Association added 6 new members to its advisory board, and got new support from two insurance carriers: John Hancock and Genworth Financial. “We’re gaining momentum,” says Mark Goldberg, Treasurer of the association that runs the “3 in 4 Need More” campaign. The goal of the campaign is to warn Americans about a looming problem. “The majority will be affected at some point by long-term care needs of themselves or a close family member,” says…
Funding Long Term Care and New Legislative Support of Life Policies
New Legislation Supports Use of Life Policies to Pay for Long Term Care Cuts to Medicare and Medicaid funding specifically for long term care services coupled with the growing Boomer and senior population of this country are driving the need to fund more and more long term care costs through private pay dollars. Unfortunately, there is a lack of consumer awareness about how Long Term Care funding works and the facts about private market funding options. There is more than $20 trillion of in-force life…
Chris Orestis Interview at Senior Market Advisor VIDEO (part 1) and (part 2)
Chris Orestis Interview at Senior Market Advisor Part 1 // Chris Orestis Interview at Senior Market Advisor Part 2 // I recently sat down with Chris Orestis, a 15 year veteran of both the insurance and long term care industries. Chris spent several years representing the health and life insurance industry as Vice President and Senior Vice President respectively for the Health Insurance Association of America (HIAA) and the American Council of Life Insurers (ACLI). He is an expert on insurance and long term…
States Look to Convert Life Insurance Policies to Long Term Care
As the debate over how to balance the budget and whether to raise our nation’s debt ceiling rages on in Washington DC, we are seeing clearly that one of the fattest targets on the radar screen is Medicaid. Our nation’s Governors from both parties spoke out during the National Governor’s Association (NGA) annual meeting held in July and said they are “most worried that both President Obama and Congressional Republicans wanted to cut Medicaid payments to the states by $100 billion over the next decade.”…
Life Care Funding Group To Lead Panel Discussion At Senior Market Expo
Featured session will explore growing consumer, industry and political support for private pay funding solutions to help seniors pay for long term care Life Care Funding Group will lead a panel discussion entitled Consumer Disclosure Law: The Changing Face of Long Term Care Funding on August 25th at the Annual Senior Market Advisor Expo in Las Vegas. The panel session will consist of Chris Orestis, CEO of Life Care Funding Group as host and moderator with panelists: Jayne Sallerson Executive Vice President of Emeritus Senior…
Understanding your Financial Options for Long Term Care
A Life Insurance Conversion Program is a new type of program and at the time of writing, there was only a single organization offering the program. The program’s name is the Life Care Funding Long Term Care Benefit Plan (ABP). For example, a policyholder sells their policy for $36,000. They move into an assisted living community that costs $3,000 / month. The policy buyer will pay directly to the assisted living community, the complete cost of care for one year ($3,000 / month x 12…
MetLife to Exit Long Term Care Market
An unexpected announcement by MetLife that it will exit the long term care insurance market in less than two months stunned an industry that has been forced to endure an escalating series of negative announcements over the last three years. The industry has worked for years to meet the needs of baby boomers would begin crossing over into retirement age, and long term care insurance policy sales should be booming. But instead, the industry has been set back by decreasing sales, rate increases, blocks of…
Honoring our Veterans with Access to Care they Deserve
My grandfather and his three brothers all served in World War II. My other grandfather served in World War II and Korea. My uncle served in Viet Nam. All of them saw active, combat duty and all returned safely except my uncle who made the ultimate sacrifice for his country. On today’s Veteran’s Day it is important to take a moment and honor the sacrifices that so many have made, and continue to make today, for this country. Many of those who have served as…
Life Care Funding Group Addresses AAHSA Meeting on Long Term Care
Political and economic realities are driving the need for senior care industry to promote private pay options for senior living and long term care For Immediate Release (November 3, 2010) – During an Election Day presentation at the annual meeting of the American Association of Homes and Services for the Aging (AAHSA), Chris Orestis, President of Life Care Funding Group addressed a crowd of long term care and senior housing executives about the financial realities facing the industry and seniors across the United States. Mr….