Paul "Joey" Stone, RHU

Long Term Care Insurance - Things you need to know I will be posting key reasons why you want to activate your LTC policy sooner than later. Here are the first two! 1. Take Full Advantage of the Benefits Avoid Losing Out on Benefits: LTC policies often come with specific coverage periods or benefit limits (e.g., a maximum daily payout or total pool of funds). If you wait too long, you might not fully utilize the policy's coverage, especially if your care needs escalate suddenly or if you pass away without using the policy. No Guaranteed Future Need: There's no certainty that waiting will always lead to more significant future needs. If your health declines rapidly, using the policy sooner can ensure you get the care you need while you're still eligible to take full advantage of the benefits. 2. Meet Eligibility Requirements Sooner Ensuring You Qualify: LTC insurance policies often have specific eligibility triggers (such as needing help with two or more activities of daily living, or having a cognitive impairment). If you delay using the policy, your condition may not improve, and you may eventually be ineligible for certain benefits due to changes in your health status or the policy's requirements. Avoid Potential Claim Denials: Some policies have detailed and strict requirements. Activating the policy earlier ensures that you qualify for the benefits while you still meet all the policy’s conditions, reducing the risk of claim denials or disputes later on.  

2

For today's study group, we'll be joined by Rhonda Bills, CLTC. Rhonda will be leading a Short Term Care roundup session! Come join us to learn more about STC products, and what we're seeing in the market today 📅 Date: Tuesday, September 3, 2024 ⏰ Time: 1:00 p.m. PT | 3:00 p.m. CT | 4:00 p.m. ET 🔗 Link in comments Here's what you can expect to learn: 💡 What are some of the prominent STC products out there on the market today? 💡 What are these products' sweet spots? 💡 Who are the ideal clients for STC products? 💡 General process items for STC (how's the app and underwriting? What states are available? and more!) 💡 Case studies and Q&A with the time left. See you on the call!

6

2 Comments

A recent study by OneAmerica highlights the growing need for long-term care planning as costs surge and consumer confidence remains low. With 74% of respondents believing they will require long-term care, only 33% feel adequately prepared, underscoring the importance of early and informed planning to safeguard finances and ease family burdens. There are several ways to plan for the future costs and burdens of aging, from traditional partnership-certified policies to hybrid policies combining life insurance or annuities with a qualified rider for long-term care to even short-term cash indemnity policies. Having a plan is essential to ensure access to quality care, protect income and assets, and reduce the burdens on those you love. The best time to plan is before you retire. Get free and accurate quotes from all the top companies from one trusted source - www.mccannltc.net Discover the cost of care where you live at https://lnkd.in/gHqTMyrD If your loved one needs quality care now, use the LTC NEWS Caregiver Directory -www.ltcnews.com/care If you're a Long-Term Care Insurance professional seeking a home, consider joining forces with Platinum LTC Solutions. Insurance agents, CPAs, lawyers, and financial planners, let's collaborate to assist your clients nationwide. Contact for more information — https://lnkd.in/gAhJgmjg https://lnkd.in/gBJ7vEzf

1

"The United States spends significantly more on healthcare than comparable countries do, and yet has worse health outcomes. Much of the national conversation has focused on spending on retail prescription drugs and insurer profits and administrative costs as key drivers of health spending in the United States. The Inflation Reduction Act, signed into law by President Biden in 2022, includes several provisions aimed at lowering the cost of these prescription drugs. While it is true that many brand-name retail prescription drugs are priced higher in the U.S. than in peer countries, health spending data indicates that other spending categories – particularly hospital and physician payments – are primary drivers of the U.S.’s higher health spending. This brief examines the drivers of health spending and differences between the U.S. and its peers – other Organisation for Economic Co-operation and Development (OECD) nations that are similarly large and wealthy. In 2021, the U.S. spent nearly twice as much per capita on health as these comparable countries did. Most of the additional dollars the U.S. spends on health go to providers for inpatient and outpatient care. The U.S. also spends more on administrative costs, and significantly less on long-term care." 

1

Discover how Jane's insurance integration features can save you time and hassle. From claims submission to eligibility checks, Jane simplifies the insurance process for chiropractors. https://lnkd.in/eZkkuDpZ

2

1 Comment

Join us today as Jason Dutra shares how long term care specialists and financial advisors are a match made in heaven. 📅 Date: Tuesday, October 22, 2024 ⏰ Time: 1:00 p.m. PT | 3:00 p.m. CT | 4:00 p.m. ET 🔗 Link in comments Here's what you can expect to learn: 💡 Why are LTC specialists and financial advisors a good match? 💡 How to meet more financial advisors and create meaningful partnerships. 💡 How a specialist can start to think like an advisor and open up more opportunities for them. 💡 How the self-funding conversation is key to this topic. 💡 I'll take any questions that you have at the end! See you on the call!

11

4 Comments

🛑 "My broker said we can't carve out our #PBM." 🛑 If your broker is telling you this, #selffundedemployer - maybe it's time to find a new broker. Good brokers CAN make this happen. They can help getting a carve out to a transparent PBM. The medical carrier probably will charge (ridiculous) admin fees to integrate with the transparent PBM, but it can be worth the hassle. The rebate fee credits can be tempting to keep your plan fully integrated too. Vertically integrated medical/pharmacy carriers make it very hard to carve out intentionally, because they want all the profit. Just keep in mind, however, lawsuits from breaches of fiduciary duty by plan members can offset those rebate fee credits pretty quickly.... #pharmacy

78

12 Comments

Want to understand the basics of Medicare and the supplemental options? Check out this article. If you want specifics on the best plan option for you or a loved one? Work with a trusted agent...especially with the changes coming in 2025! Alera Group (formerly Lighthouse Group) is here to help! #Medicareadvantage, #medigap, #medicare https://lnkd.in/gRk7pKRX

10

🚨 How Auto insurance contributes to the Economic Devastation of Our Healthcare System 🚨 For the past 15 years, the Financial Services Regulatory Authority (FSRA) ,and it's predecessor, have not updated the fee schedule that healthcare professionals receive for treating accident victims. Nor has FSRA updated what auto insurance companies are supposed to REIMBURSE the Ministry of Health for services that auto insurance is responsible for, the latter results in an ongoing yearly 200 million dollar OHIP shortfall every year that leads to ER closures and reduced public health availability! We are subsidising auto insurance companies at every turn. This outdated system, stagnant since 2010, has wreaked havoc on both public and private healthcare systems! Here's the stark reality: 1. Failed Treatments: Accident victims are not receiving funding for the care they need, leading to an increase in those ending up on Disability Support Programs (DSP) and social support. 2. Insurance Offloading: With inadequate care, insurance companies are offloading treatment costs onto the public healthcare system, shifting the financial burden onto taxpayers. 3. Unsustainable Care: The costs of treating accident victims have become unsustainable. When a significant portion of a healthcare provider's patient population is economically unviable, businesses face the risk of closure. 4. Increased Red Tape: The bureaucracy and paperwork demanded by insurance companies for treating accident victims have soared, further straining healthcare providers. 5. Rigged System: This system is rigged against the public, consumers, and healthcare professionals. It not only financially cripples providers but also artificially limits the scope of practice for physiotherapists. In a time when 2.5 million people lack access to a family doctor, it is within our scope of practice to make and convey a diagnosis. Yet, these constraints undermine our ability to provide essential care. We need urgent reform. Updating the fee schedule and reducing bureaucratic barriers are crucial steps toward a fair, efficient, and sustainable healthcare system. Sylvia Jones Dr. Karima Velji Deborah Richardson Peter Bethlenfalvy #HealthcareReform #PublicHealthCrisis #SupportHealthcareProfessionals #FSRA #Physiotherapy #EconomicImpact #AccidentVictimsCare

10

KFF has a really interesting feature called "Bill of the Month" where they walk through an unexpected bill for medical services to shed light on healthcare costs and to help consumers learn how to be more effective at managing their healthcare bills and spend. Reading through them can be pretty harrowing when you put yourselves in the shoes of ordinary Americans who have no real expertise in navigating the healthcare system. I like reading them when they drop every month. Those of us in the industry often help relatives and friends navigate these kinds of issues, but the raw presentation is a great reminder of how complicated this is for those not in the industry. https://lnkd.in/egfDVcjq

1

Exciting news! Just dropped a new episode on The Medicare Insider where I sit down with two of the industry's finest, Brandon Clay and Jerry Wagner. We dive deep into sales strategies, personal growth, and how to find your authentic voice in the insurance world. Whether you're an agent, a manager, or just curious about the industry, this episode is packed with valuable insights. Tune in now! 🎧 Listen here: https://lnkd.in/gjd9nHgf #MedicareInsider #InsuranceSales #SalesStrategy #motivationalMonday

8

Mike Schroeder, Founder & President of Roundstone, reveals the exact methods their clients use to save millions on health plan costs. Speaking at the Smart Business Dealmakers Conference, he breaks down his 'secret sauce' into 3 practical steps - starting with pharmacy spend data most companies never track. Watch the full clip to learn more. #HealthcareCosts #BusinessStrategy #SmartBusinessDealmakers

9

1 Comment

This #guide will help small businesses in Florida 🌴 navigate health insurance options, covering: Types of group health plans and their suitability for your organization Affordable alternatives to traditional #coverage Tax incentives that reduce health #insurance costs Tips on selecting providers and understanding average premiums To Read More Click The Link Below ⬇️ https://lnkd.in/eVtBMDPS

1

1 Comment

A great piece on the battle royale of #lifeinsurance and #financialadvisors and the Biden Administration over misleading #seniors for profit. The similarities here with abuses by #brokers and sales agents for #MedicareAdvantage are clear. “To protect older Americans’ life savings, President Joe Biden pledged in October to crack down on financial advisers who recommend #investments just because they pay higher #commissions. Then the #insurance industry got to work. 
“Lobbying groups representing New York Life Insurance Company, Lincoln Financial Group, Prudential Financial and other companies first pushed back against the newly proposed regulations before suing to topple them entirely. Now the government’s latest attempt to protect retirees is in political and legal limbo, facing the possibility that it may never take effect.
 “It is the latest example of a pervasive pattern: As the Biden administration tries to impose new restrictions on powerful industries, those businesses successfully turn to Congress and the courts for a reprieve. This time, the resulting clash centers on a basic question: Should federal law require more financial professionals to put retirees’ needs above all else — including their own paychecks — when they offer advice about how to invest?” A post-Chevron ruling at the #SupremeCourt seems likely. I expect #healthinsurance sales lobbyists to steal a page from this playbook against tough new MA regulations. https://lnkd.in/ePaBWEsB

11

1 Comment

An article titled “Smallest Businesses Feel the Crush of Health Care Costs,” written by Tina Reed, highlights a common issue: most small businesses attempt to manage health care expenses by simply shopping for insurance quotes. This often results in premium costs that add unnecessary expenses beyond the actual cost of health care and prescriptions. Many small employers have little to no access to claims cost information, and the disparity between actual health care costs and the premiums charged to cover them is both startling and significant. A straightforward way to reduce costs is to identify actual claims costs and eliminate hidden charges embedded in premiums that don’t add value. We have demonstrated this to our clients, identified which carriers allow such transparency, and as a result, our client groups consistently pay a fraction of their original premiums, achieving better and more affordable costs for both employees and plan sponsors. We are a proactive, forward-thinking team of business professionals who grew frustrated with the status quo and sought a better approach. And guess what? There is a better way! Every group we work with has achieved lower and more manageable costs without sacrificing benefits. Each of our clients knows exactly what their claims costs are—right down to the penny. Give yourself the opportunity to get to know us. We’ve helped groups of all types tackle this problem, and we can help you too. The Ecchic Group 314-997-8865 www.ecchic.com https://lnkd.in/gYtVe644

4

Don't wait until it's too late to plan for long-term care. 🕒 Marc Glickman, FSA, CLTC from BuddyIns highlights the need for a comprehensive strategy, not just an insurance product. Tune in to our latest episode to learn more about protecting your future. 🌟 #LongTermCareInsurance #FinancialPlanning #SeniorCare #CareManagement #FutureSecurity #HealthInsurance #FamilyDiscussions #AgingParents #InsuranceAdvice #FinancialWellness https://lnkd.in/efDMWgW5

1