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Long Term Care In The News...... February 4, 2005
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Volume 32
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Welcome to the thirty-second 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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NYS
PARTNERSHIP MANDATORY TRAINING AND
CERTIFICATION REQUIREMENT
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Effective 4/01/05 in order to sell or market Partnership
Insurance NYS licensed agents must complete mandatory NYS Partnership
training and be certified as a Partnership agent. Agents are required to earn 8 CE
Partnership credits before selling or marketing a Partnership product. These CE credits can be used to meet the
mandatory Department of Insurance requirements for Agent re
certification. A training course
will be held in NY City on February 28.
This class will fill up quickly so sign-up today by visiting www.nyspltc.org
or call us for further details.
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SPEAKING OF CE CREDITS
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Custom
Care Solution will be sponsoring a LTC Class on February 17th
“An Introduction to Long-Term Care”.
This will be a great opportunity to review the basics of LTC so that you become
better equipped to market it as part of your business practice. This course will take place at our office
located at One Penn Plaza (34th
Street between 7th and 8th
Aves) and will run from 9:00 – 11:00am. Upon completion, you will receive 2 CE
Credits for your Life and Health License.
If you are interested in attending this class, please contact us.
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GE PLANS TO REDUCE INSURANCE
HOLDINGS
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According to the January 24, 2005 edition of BestWire
Services, GE plans to reduce their insurance holdings as that segment lags
their other businesses. The
company’s insurance results were impacted both by the spinoff
of Genworth and by charges taken by the GE
Insurance Solutions division to boost reserves by $309 million more than it
did in the fourth quarter of 2003.
“We are absolutely executing a clear plan to redeploy capital away
from insurance, and we’re going to continue to shrink the insurance
business going forward”, according to Bill Cary,
Vice President of Investor Communications for GE. Furthermore, Jeffrey Immelt,
GE’s Chairman and CEO is quoted as stating, “Our plan is to sell Genworth over time.”
What will become of one of the biggest LTC carriers in the
marketplace?? For a complete copy of
this article, please contact
us.
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VA IS FIRST OF 5 STATES TO CHAMPION
LTC PLANNING
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Virginia is launching a
state-wide campaign to promote the need for long-term care planning. Campaigns with the same purpose will be
launched soon in Arkansas, Idaho, Nevada and New Jersey. Virginia’s campaign, titled
“Own Your Future,” was prompted by the state’s spending on Medicaid. That expenditure currently totals $4
billion a year and is predicted to escalate significantly by 2030 when one
in four Virginians will be over 60 years of age. Kits have been prepared to distribute to
people who respond to the campaign’s call to action by phoning a toll-free
number. The kit includes a guide to
long-term care in Virginia and a list of
resources. We actually heard from a Virginia broker today, who saw
the Governor on Television promoting this campaign and urging people to buy
Long Term Care Insurance. We are
looking forward to a similar campaign kicking off in New Jersey in the weeks to
come. Your clients in these 5 states,
they will be awaiting your call!
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NEW PRODUCT LAUNCH FOR MASS MUTUAL
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SignatureCare 400 will launch on
February 7 in the following states:
Alabama, Alaska, Arkansas, Arizona, Colorado, Connecticut, District
of Columbia, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois,
Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New
Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Puerto Rico,
South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, West
Virginia, Wisconsin and Wyoming. You
will have until April 8, 2005 to submit the
SignatureCare-300 applications for any of these states. On March 21, it is anticipated that the
product will launch in Indiana, New Jersey and Pennsylvania. Please contact
us to learn all the details about the 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
800 - 908
- 2120
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