Genworth a long term leader in the long-term care insurance market has announced a delay in the California market due to lingering customer service issues they are experiencing. Unlike most companies, Genworth has taken the time to address these issues prior to launching a push for their LTC products.
Long-Term Care insurance helps cover custodial care that is not covered by Medicare insurance. Medicare and Medigap plans only cover medically necessary coverage where Genworth Long Term Care Insurance covers care such as cleaning, bathing, etc. that is needed when you experience loss in your daily activities of living. An example of this would be needing someone to help take you to the grocery store or the bathroom if you were not able to accomplish this on your own.
Genworth Long Term Care
Genworth has been a leader in the long term care market for over 25 years and has had more in force premium than any other insurance company. Genworth is an "A" rated insurance company with AM BEST and has over 100 years of experience in the insurance industry. When I first got into the insurance industry in the early 2000's they were paying over $1,000,000 per day in LTC claims - they can hold their own.
What caused delays in California?
Delays were caused by some other launches not being handled as smooth as possible and management decided to delay the promotion so that they would not experience lashings from the insurance department.
Medicare Insurance Finders has been a large promoter of American Continental and Continental Life two insurance companies that were owned by Genworth Insurance Company less than 3 years ago. Those companies were sold to Aetna Insurance Company so they could focus more on other markets.
If you need help with Genworth Long Term Care Insurance please contact us at 1-877-936-2991.
]]>MEDICARE NEWS – APRIL 1st Decision
In summary, last month Medicare Advantage Plans (Medicare Part C) were notified that they will receive an additional 2.3% cut in subsidies. This means that billions of dollars will be pulled from these plans in 2014. America’s Health Insurance Plans Association (AHIP) said this could cause MA plans to increase plan premiums to an average of $50- $90 per month or drastically reduce benefits. Considering that most Medicare Advantage plans are $0 premium or less than $30 a month, this would take away the incentive to enroll in these plans.
However, yesterday, after much push back from Congress, insurance companies, and the millions of Americans enrolled in these plans, the decision has been made to do away with these cuts and actually increase the Medicare Advantage reimbursement rates. This will insure that 2014 plans will not experience drastic benefit cuts or premium increases.
MEDICARE SUPPLEMENT NEWS
As most of you know, Medicare Supplements are standardized products. The largest difference between these plans is the premiums which can be compared at www.medicareinsurancefinders.com
Several new insurance companies have entered the market over the first quarter of 2013: Cigna Insurance Company and Aflac Insurance Company. Both of these companies are on the Medicare Supplement Quote Engine – provided by Medicare Insurance Finders. Other articles throughout our websites have information pertaining to these companies but we wanted to include it in the Medicare Insurance Finders 2013 - 2nd Quarter Newsletter.
MEDICARE INSURANCE FINDERS/MWG SENIOR SERVICES
In an effort to provide better service to our clients, we have implemented several changes at our office.
WE APPRECIATE YOUR BUSINESS AND LOOK TO SERVE YOU IN THE BEST MANNER POSSIBLE. IF WE CAN BE OF HELP IN ANY WAY, PLEASE DO NOT HESITATE TO CALL. THANKS AGAIN AND WE HOPE YOU ENJOYED THE MEDICARE INSURANCE FINDERS 2013 - 2ND QUARTER NEWSLETTER!
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Sequester Cuts Hit Medicare
Brief Overview: It appears that due to the sequester cuts that take place April 1st, doctors offices (oncologists) are not wanting to administer the cancer drugs (Under Part B) due to the costs and the possibility of losing money. Hospitals are predicted to receive an influx of patients if a deal is not reached in Congress - which could hurt Medicare worst since it is approximately $6,500 more expensive to administer these prescriptions in the hospital versus the doctors office.
When the average person hears about Medicare and prescriptions they generally assume Medicare Part D, the prescription drug coverage of Medicare. However, the sequester cuts affected Medicare Part B (Medical Portion) which affects the prescriptions that are administered in the doctors offices. Most of the times these drugs are cancer drugs which have extremely high premiums.
As stated by MSN - NEWS ARTICLE:
That's not sitting well with clinic oncologists, who are typically paid by the government for the costs of chemotherapy drugs, plus 6% to cover the cost of storing and administering them. Since drug costs are fixed, the sequester cut would come directly out of oncologists' other costs, which makes it a far more potent reduction for doctors.
These sequester cuts hit Medicare Part B hard and now physicians are lobbying their congress men and women for help in getting these covered at the full rate once again.
Medicare Supplement Plans and the Sequester Cuts
Medicare Supplement Insurance will not be affected by these cuts. Medicare Supplement plans fill in the gaps of covered services. If there is just a reduction in reimbursement to providers and insurance companies work off the Medicare Assignment fees then Medicare and Supplemental Insurance Companies will not be affected but have less of a burden.
Call Medicare Insurance Finders at 1-877-759-5760 for all your Medicare Insurance needs.
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