Now that we have arrived at the long awaited generational stage in our society that “Baby Boomers” are reaching the age of Medicare eligibility, the need to address the question of who is going to pay for a massive increase in long term care spending has become paramount. Exacerbating the growing crisis is the impact of the economy on the availability of private pay dollars and government spending. For the last two years we have watched as one of the primary sources of private funds,…
Insurance Conversion, Long Term CareNow that we have arrived at the long awaited generational stage in our society that “Baby Boomers” are reaching the age of Medicare eligibility, the need to address the question of who is going to pay for a massive increase in long term care spending has become paramount. Exacerbating the growing crisis is the impact of the economy on the availability of private pay dollars and government spending. For the last two years we have watched as one of the primary sources of private funds,…
Long Term Care, Senior IssuesAn interview with Chris Orestis, President of Life Care Funding Group Chris Orestis, president of Life Care Funding Group, is a 15 year veteran of the insurance and long term care industries. Over the course of ten years in Washington, D.C. he worked in senior positions for the Health Insurance Association of America (HIAA–now reconstituted as AHIP), and for the American Council of Life Insurers (ACLI). His first professional exposure to the life settlement market came in 2005. Since 2007, Life Care Funding Group has…
Insurance Settlement, Long Term CareTwo recent reports add more evidence to the alarming trend of financial pressure being pushed back onto seniors and their families as they reach the age that the costs of long term care play a central role in their lives. In addition to Medicaid cuts in the states and cuts to Medicare being proposed as part of healthcare reform, more money will continue coming out of seniors’ pockets. The annual MetLife Mature Markets Institute study tracking the costs of long term care in assisted living,…
Long Term Care, Retirement FundingPenn Treaty American Insurance Company has failed, and now Pennsylvania insurance regulators are contemplating what to do with the defunct company. The Pennsylvania department was forced to take over a large block of Conseco polices only a few weeks ago, and now they will assume responsibility for all existing policies that were sold by Penn Treaty American and its subsidiary, American Network Insurance Company. Penn Treaty American fell victim to the same situation that has plagued so many other long term care insurers—in the quest…
Health Care Industry, Long Term Care