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Long Term Care In The News......
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Volume 24
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Welcome to the twenty fourth edition of
Long-Term Care in the News. We, at
Custom Care Solution, LLC, want you to be on the cutting edge of changes
and updates within the Long-Term Care industry. We will accomplish this through these
email bulletins distributed each week to our brokers, agents and their
staffs.
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GE NEW PRODUCT ANNOUNCEMENT
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Genworth Financial’s
Long Term Care Division, a leader in long term care insurance, is proud to
announce the addition of New York, New York Partnership, Pennsylvania, Maryland, Indiana, Indiana Partnership and Massachusetts to the list of states
able to sell its newest products, Privileged Choice and Classic
Select. These products will be
available for sale Monday, November
1, 2004. With this launch, these products will be
available for sale everywhere except
California and California
Partnership. Privileged Choice is
their premier product combining innovation with rich, built-in benefits,
making it one of the most comprehensive products in the industry
today. It is competitively priced
for couples and includes many new features and benefits. Classic Select features a modular design
so that you can customize a long term care insurance plan to meet your
customers’ specific needs. It is a
great low-cost alternative for singles and gives you a competitive edge in
today’s market. Note that GE’s Home Office will not accept applications for the current product in
NY, PA, MD, IN, and MA after Friday, December 3. Please contact
us today for more information.
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LAWSUITS FOR FAILURE TO RECOMMEND A
PLAN FOR LTC
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According to an article recently published by
Harley Gordon, Principal in the Corporation for Long-Term Care
Certification, there are areas where financial planners face potential
liability for breach of due diligence:
failure to talk about a plan for long-term care as part of a
financial retirement plan, simply selling long-term care insurance
disconnected from a plan for long-term care, failing to talk about the subject
with wealthy clients who think they can self-insure the cost and selling
the wrong type of policy and amount of coverage. Simply raising the issue of needing
long-term care is not the solution.
The answer lies in recognizing that long-term care planning is a
profession that requires the same commitment financial planners make to the
financial and estate planning profession.
Long-term care insurance is a complex product – Custom Care can help
you simplify it and protect yourself against a future liability. Please contact
us to learn more about our products and services and
upcoming training opportunities or for a complete copy of this article.
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MEDICARE APPROVES NEW COVERAGE FOR
ALZHEIMER’S
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An
expensive brain scan, designed to help determine whether patients have
Alzheimer’s disease, will now be covered under certain circumstances by
Medicare. The decision caps a
four-year struggle by the manufacturers to win Medicare approval for these
scans, known as positron emission tomography or PET scans. At this point, Medicare coverage for PET
is narrow due to the “absence of convincing evidence that PET scans can, by
themselves, detect Alzheimer’s.” The
debate over whether PET scans should have more widespread use may soon come
to an end. The Centers of Medicare
and Medicaid Services, along with PET providers and the National Institute
on Aging are planning the first large-scale study of more than 1,000 people
to determine the scan’s efficacy in diagnosing early Alzheimer’s. Currently, cognitive test are considered
ineffective in detecting the early stages of the disease.
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JOHN HANCOCK TO ADD CREDIT CARDS
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Beginning in October, John Hancock will be able
to accept Visa and Mastercard to pay LTC premiums. Let your clients earn frequent flier
miles!!!! Contact
us for more information.
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EQUITY INDEXED ANNUITY (EIA’s) IN
NY!!!!!!
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Many individuals, beaten up by the volatile
market of recent years and looking for a safe haven, have found it in
Equity Indexed Annuities.
Contractual guarantees secure principal, so there is no downside,
while a variety of crediting methods allow policyholders upside
participation in the growth of the S&P 500 or other indices. During the 5 year period from 9/30/98 – 9/30/03, the average index
annuity total return was 30.4%.
While past returns do not guarantee future performance, EIA’s performed competitively in spite of enduring the
worst Bear market since the Great Depression. In the event that the index shows a
negative return, policyholders are simply credited with no gain. We are pleased to announce a new
relationship with ING – the only company to
have an EIA in New York. If your clients want guarantees to ensure
their financial security along with the power of choice to experience
earnings about and beyond the guarantees, please contact
us to learn more about this new product.
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We at CCS are continually
looking for ways to keep our brokers up to date. If you’d like to send
comments or suggestions to make this newsletter better, please feel free to
contact us.
 
Debra A. Walker, LTCP, CLTC Karin
L. Wertheim, LTCP, CLTC
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C U S T O
M C A R E S O L U T I O N ,
L L C
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One Penn
Plaza, Suite 2035
New York, New York 10119
info@customcaresolution.com
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