2021 ILTCI Conference

Faegre Drinker is a proud sponsor of the upcoming Intercompany Long-Term Care Insurance Conference Association (ILTCI) virtual event. The conference, the largest multidisciplinary long-term care conference in the U.S., kicks off Tuesday, April 13 with a general session followed by sessions every Tuesday and Thursday through April 29.

Several of our insurance professionals, along with many other LTCi community insiders, will be speaking this year on topics ranging from litigation, to aging in place, to rate increase innovations.  Here is a brief look at the panels we will be joining:

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Organisation for Economic Cooperation and Development Seeks Information Regarding Long-Term Care Needs and Payment Sources

Over the past few years, insurers, consumers and regulators have asked the question: who, and how, will consumers receive and pay for long-term care? The older, retired population will soon substantially outnumber the working population and the number of private insurers providing long-term care continues to dwindle. A report from the American Council of Life Insurers projects 70% of Americans turning age 65 or older will require long-term care. By 2060, the number of Americans turning age 65 or older will double and those turning age 85 or older will triple. As the population continues to age, the average cost of care continues to rise. Thus, the government faces a looming risk of unbearable expenses as more individuals rely on Medicaid for elder care. In light of this statistical reality, governments, insurers and long-term care (LTC) providers are trying to find cost-efficient ways to offer long-term care to consumers in need and, in turn, increase access to care.

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Finding the Right LTCi Agent First is Important

Navigating long-term care insurance (LTCi) can be complicated for people planning the type of care they might need, how long they might need it and how they are going to pay for it, according to retirement expert Glenn Ruffenach. In a recent Wall Street Journal Ask Encore column, he examines the importance of finding a knowledgeable, independent agent who “sells policies from multiple carriers and who specializes in long-term-care planning and insurance.”

Mr. Ruffenach recommends several tips to help find the right agent, including using educational and training programs dedicated to LTCi insurance to find agents and other financial professionals nationwide. (For example Certification for Long-Term Care has a locator on its website that identifies its graduates.) He also suggests searching online for local experts or asking others in professional services, such as accounting or tax law, for recommendations. Once you have identified several agents, it is important to talk to all of them to assess who is the best fit for you based on their experience and education as well as your own comfort level with them.

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Genworth and China Oceanwide Transaction Update

Genworth and China Oceanwide Holdings Group recently announced that they have not extended a December 31, 2020 “end date” to finalize a proposed merger agreement.  Genworth also held an investors call on January 5, 2021 that addressed, in part, the status of the China Oceanwide Holdings Group merger. While the merger agreement remains in effect, Genworth is shifting its focus toward a contingency plan.

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