Politics and Health Reform:Lessons From a Year in Washington, D.C.UWGlobalHealth
This document summarizes the history of health reform efforts in the United States from the late 19th century to 2009. It discusses how a national health insurance system has been proposed since the 1880s but consistently opposed by groups like the AMA and insurance industry. The US now spends over twice as much per capita on healthcare as other OECD countries but has lower life expectancy and more administrative waste. Creating a universal, publicly financed system could reduce costs while improving access and outcomes.
Our biggest problem in healthcare is efficiency (quality of care per dollar spent) and Obamacare doesn't solve it. Our spending is off the charts by any measure (growth over time, % of GDP, per capita) Consumerism as a force of change in Healthcare is just getting started, but there are many barriers in place that serve to protect existing stakeholders in the industry. Knocking down these barriers to competition is what the GOP should be focusing on, but it's not. "Repeal and replace" seems to be a slogan, not a plan. Do Republican lawmakers have the will to make changes that might upset entrenched players?
This document discusses the history and evolution of health insurance in America, including the impact of the Affordable Care Act (ACA). It describes how the ACA sought to regulate health insurance policies, provide coverage to all Americans, and reduce costs. It also examines effects on quality of care, such as the emphasis on accountable care organizations and reducing hospital readmissions. The future of the industry is discussed in terms of ongoing consolidation through mergers and the potential disruption from non-traditional players entering the market.
The document discusses the history of health policy and reform efforts in the United States over several decades. It outlines key programs and legislation from the 1900s onward that attempted to address issues of access, costs, and quality of healthcare. The document argues that meaningful reform is difficult due to the complexity of the healthcare system and the many political and economic interests involved. Future reform efforts will need to focus on reducing costs while improving quality and access.
While the health care reform bill is a step in the right direction, medicare for all or single payer is what is really needed to control costs and insure all.
The document discusses the rise of social media and its impact on health care. It notes that people are increasingly using social networks like Facebook and Twitter to find health information and connect with others. This has led to new models of care delivery using mobile technologies. Social media allows for more collaboration between patients and providers and helps address isolation issues. However, many blogs have been abandoned as users migrate to other platforms like Facebook and Twitter.
The document discusses various topics related to health care economics and financing in the United States, including the legislative process for health reform, current issues, health care financing models, sources of health insurance coverage, national health expenditures, payment reform efforts, and principles of health economics.
Federal Health Care Reform 2009: Affordable Health Care for AllFHSU Learning Commons
Blue Cross and Blue Shield of Kansas provides health insurance to over 890,000 members across 103 of Kansas' 105 counties. In 2008, it processed over 20 million claims and paid over $1.8 billion in claims. Five federal health care reform proposals are currently under consideration by different congressional committees. Key concerns with the proposals include the creation of a government-run insurance plan, a weak individual mandate, and lack of cost containment measures. Federal reforms could increase average premium costs substantially without a strong individual mandate and other necessary provisions to encourage broad participation.
Politics and Health Reform:Lessons From a Year in Washington, D.C.UWGlobalHealth
This document summarizes the history of health reform efforts in the United States from the late 19th century to 2009. It discusses how a national health insurance system has been proposed since the 1880s but consistently opposed by groups like the AMA and insurance industry. The US now spends over twice as much per capita on healthcare as other OECD countries but has lower life expectancy and more administrative waste. Creating a universal, publicly financed system could reduce costs while improving access and outcomes.
Our biggest problem in healthcare is efficiency (quality of care per dollar spent) and Obamacare doesn't solve it. Our spending is off the charts by any measure (growth over time, % of GDP, per capita) Consumerism as a force of change in Healthcare is just getting started, but there are many barriers in place that serve to protect existing stakeholders in the industry. Knocking down these barriers to competition is what the GOP should be focusing on, but it's not. "Repeal and replace" seems to be a slogan, not a plan. Do Republican lawmakers have the will to make changes that might upset entrenched players?
This document discusses the history and evolution of health insurance in America, including the impact of the Affordable Care Act (ACA). It describes how the ACA sought to regulate health insurance policies, provide coverage to all Americans, and reduce costs. It also examines effects on quality of care, such as the emphasis on accountable care organizations and reducing hospital readmissions. The future of the industry is discussed in terms of ongoing consolidation through mergers and the potential disruption from non-traditional players entering the market.
The document discusses the history of health policy and reform efforts in the United States over several decades. It outlines key programs and legislation from the 1900s onward that attempted to address issues of access, costs, and quality of healthcare. The document argues that meaningful reform is difficult due to the complexity of the healthcare system and the many political and economic interests involved. Future reform efforts will need to focus on reducing costs while improving quality and access.
While the health care reform bill is a step in the right direction, medicare for all or single payer is what is really needed to control costs and insure all.
The document discusses the rise of social media and its impact on health care. It notes that people are increasingly using social networks like Facebook and Twitter to find health information and connect with others. This has led to new models of care delivery using mobile technologies. Social media allows for more collaboration between patients and providers and helps address isolation issues. However, many blogs have been abandoned as users migrate to other platforms like Facebook and Twitter.
The document discusses various topics related to health care economics and financing in the United States, including the legislative process for health reform, current issues, health care financing models, sources of health insurance coverage, national health expenditures, payment reform efforts, and principles of health economics.
Federal Health Care Reform 2009: Affordable Health Care for AllFHSU Learning Commons
Blue Cross and Blue Shield of Kansas provides health insurance to over 890,000 members across 103 of Kansas' 105 counties. In 2008, it processed over 20 million claims and paid over $1.8 billion in claims. Five federal health care reform proposals are currently under consideration by different congressional committees. Key concerns with the proposals include the creation of a government-run insurance plan, a weak individual mandate, and lack of cost containment measures. Federal reforms could increase average premium costs substantially without a strong individual mandate and other necessary provisions to encourage broad participation.
Join Business Forward to welcome Arielle Kane, Director of Health Care at the Progressive Policy Institute, for a discussion on the current state of health care access in America. Kane will discuss how improvements to the ACA are more beneficial than repealing the law and moving to a single-payer system.
There is broad consensus around the structure of national health reform proposals but disagreements remain around key details. Most proposals include subsidies for lower-income individuals, a health insurance exchange, a mandate for individuals to have coverage, new rules for insurers, and efforts to slow cost growth through payment reforms. However, important questions remain around issues like how much subsidies should cover, who will run the exchange, how affordability will be determined, and how the proposals will be financed without adding to the federal deficit.
The Healthcare Industry unlike other industries is a high regulated, complex industry. Healthcare are constantly being challenged to "do no harm" and provide the best care and ultimately better health care to patients. Healthcare facilities will provide services to anyone and then ask for payments later. The purpose of this presentation is to discuss the challenges, opportunities, and threats facing the healthcare industry.
Joe Biden's Health Care Plan Would Fix the Individual Health Insurance SystemDr Matthew Boente MD
IF the Democrats capture the White House, keep the House and take over the Senate, no maer who they elect as President, this Biden health care outline, not Medicare for all, will likely be the plan Democrats embrace in 2021 And, with Buttigieg and Bloomberg embracing very similar health care outlines, while Warren backs off her Medicare for all proposal, that looks all the more likely.
The Affordable Care Act, also known as Obamacare, was established on March 23, 2010 under President Barack Obama. It aims to expand access to affordable health insurance by opening state-run health insurance exchanges. While intended to increase access to healthcare, Obamacare remains controversial with Democrats generally supporting it and Republicans opposing it. Over the next ten years, the program is expected to cost the government $1.1 trillion but reduce the federal deficit by $200 billion.
Delegate Jeannie Haddaway-Riccio's Health Care Presentation 09/16/09Karena Dixon
Presentation on Health Care Reform as presented by Delegate Jeannie Haddaway-Riccio at the Talbot GOP Health Care Forum on Wednesday, September 16th, 2009.
May also be viewed at:
www.votehaddaway.com
This document advocates for a single-payer health care system in Pennsylvania called the Pennsylvania Health Care Plan (PHCP). It argues that a single-payer system would reduce administrative waste, lower healthcare costs for individuals and businesses, create jobs, and provide universal healthcare coverage for all state residents. The analysis estimates that the PHCP would save over $32 billion annually compared to the current system due to reductions in insurance company overhead, drug prices, and healthcare utilization increases from reduced cost-sharing. The savings would finance expanded coverage and lower the growing burden of healthcare costs on the state economy.
Patient Protection and Affordable Care ActPaul English
The document summarizes the key aspects of the Affordable Care Act (also known as Obamacare), including that it was presented by President Obama in 2010, upheld by the Supreme Court in 2012, and signed into law in 2010. It outlines some of the pros, such as expanding access to health insurance and protecting people from losing coverage, and some of the cons, such as increased taxes and the government having more control over healthcare. It also describes the individual mandate requiring people to have health insurance or pay a penalty.
The document summarizes recent changes to US health policies under the Affordable Care Act and how they are being implemented in Colorado. It discusses key provisions that took effect in 2010-2011 such as the pre-existing condition coverage for children, and outlines upcoming provisions in 2014 like the individual mandate and state-based health insurance exchanges. It also reviews related policies around electronic health records, accountable care organizations, and resources for tracking ongoing reforms.
Final Obamacare – just another piece of legislationsharoutunian0
The document summarizes key aspects of the Patient Protection and Affordable Care Act, also known as Obamacare. It provides an overview of the national debate around health care reform in the United States, including a brief history of past legislation and presidents who took on health care reform. The summary outlines some of the major provisions of Obamacare, such as prohibiting denial of coverage for pre-existing conditions and coverage for adult children. It also discusses both the perceived pros and cons of the legislation from increasing access to affordable care to costs and increased taxes.
Joe Biden's Health Care Plan Would Fix the Individual Health Insurance SystemDr Matthew Boente MD
IF the Democrats capture the White House, keep the House and take over the Senate, no maer who they elect as President, this Biden health care outline, not Medicare for all, will likely be the plan Democrats embrace in 2021
1) Discuss what seems to be the current posture of the Trump Administration and Republican Party leadership relative to expected health care policy changes.
2) Identify key distinctions between the Affordable Care Act (ACA aka ObamaCare) and the American Health Care Act (AHCA aka TrumpCare).
3) Recognize key strategies for future success regardless of changes to US healthcare policy and law.
Did you have time to read the 1,990 page healthcare bill that was recently passed through Congress? Have you since wondered about the impact that massive bill will have on the average American, health insurance providers, business owners and YOU? If yes, then join the Young Professionals of Chicago as we host a panel of diverse health care professionals that will be discussing current healthcare reform and taking questions on the impact of the United States' new healthcare policy. The distinguished panelists will also provide some insight and clarity into what this massive bill means for individuals like you. There will also be an opportunity for open networking with other young professionals before and after the discussion.
The ins and outs of the affordable care actJesseBouchard
The Affordable Care Act aims to provide more Americans with access to affordable health care through various reforms. It establishes health insurance exchanges to allow individuals and small businesses to compare plans, regulates the insurance marketplace, prohibits denying coverage due to pre-existing conditions, and expands Medicaid eligibility. The Act also aims to reduce health care costs and ensure Americans receive high-quality care.
hCentive Health Insurance Exchange PlatformAlisha North
Take advantage of hCentive's deep expertise in the healthcare insurance industry. Browse through or download our white papers to get an in-depth understanding of the industry.
The Affordable Care Act touches the lives of most Americans. In fact, nearly 21 million will be at risk if Obamacare is struck down, and may even lose health insurance completely if the law is ruled unconstitutional. This webinar will discuss what the outcome may be if ACA is repealed.
The document discusses whether the number of remaining uninsured people in the US, particularly undocumented immigrants, will impact the cost savings expected from the Affordable Care Act. It notes that while the ACA is projected to insure millions more and reduce the federal deficit by $109 billion over 10 years, hospitals will still bear costs from uninsured patients. Expanding coverage could further benefit the economy but insuring undocumented immigrants would be politically difficult. The recommendation is to let organizations exploring immigration reform consider healthcare implications carefully before proposing reforms.
This document discusses long-term care insurance and provides information to help individuals evaluate their options. It defines long-term care as services for chronic conditions and outlines the continuum of care from home to nursing home. It also addresses why long-term care is a growing concern due to longer lifespans, family changes, and rising costs. The document recommends that individuals meet with a financial representative to discuss long-term care insurance and how it can help provide financial security.
Iltci conference t mc inerney prepared comments 140318investor_genworth
The document contains prepared remarks from the CEO of Genworth, Thomas McInerney, for a conference on long term care insurance. In the remarks, McInerney outlines three topics: 1) his background and perspective in long term care insurance, noting the difficulty in pricing these policies; 2) the need for a new business model and regulatory framework to support a private long term care insurance market; and 3) why Genworth remains committed to being a leader in this market if regulations are favorable.
Join Business Forward to welcome Arielle Kane, Director of Health Care at the Progressive Policy Institute, for a discussion on the current state of health care access in America. Kane will discuss how improvements to the ACA are more beneficial than repealing the law and moving to a single-payer system.
There is broad consensus around the structure of national health reform proposals but disagreements remain around key details. Most proposals include subsidies for lower-income individuals, a health insurance exchange, a mandate for individuals to have coverage, new rules for insurers, and efforts to slow cost growth through payment reforms. However, important questions remain around issues like how much subsidies should cover, who will run the exchange, how affordability will be determined, and how the proposals will be financed without adding to the federal deficit.
The Healthcare Industry unlike other industries is a high regulated, complex industry. Healthcare are constantly being challenged to "do no harm" and provide the best care and ultimately better health care to patients. Healthcare facilities will provide services to anyone and then ask for payments later. The purpose of this presentation is to discuss the challenges, opportunities, and threats facing the healthcare industry.
Joe Biden's Health Care Plan Would Fix the Individual Health Insurance SystemDr Matthew Boente MD
IF the Democrats capture the White House, keep the House and take over the Senate, no maer who they elect as President, this Biden health care outline, not Medicare for all, will likely be the plan Democrats embrace in 2021 And, with Buttigieg and Bloomberg embracing very similar health care outlines, while Warren backs off her Medicare for all proposal, that looks all the more likely.
The Affordable Care Act, also known as Obamacare, was established on March 23, 2010 under President Barack Obama. It aims to expand access to affordable health insurance by opening state-run health insurance exchanges. While intended to increase access to healthcare, Obamacare remains controversial with Democrats generally supporting it and Republicans opposing it. Over the next ten years, the program is expected to cost the government $1.1 trillion but reduce the federal deficit by $200 billion.
Delegate Jeannie Haddaway-Riccio's Health Care Presentation 09/16/09Karena Dixon
Presentation on Health Care Reform as presented by Delegate Jeannie Haddaway-Riccio at the Talbot GOP Health Care Forum on Wednesday, September 16th, 2009.
May also be viewed at:
www.votehaddaway.com
This document advocates for a single-payer health care system in Pennsylvania called the Pennsylvania Health Care Plan (PHCP). It argues that a single-payer system would reduce administrative waste, lower healthcare costs for individuals and businesses, create jobs, and provide universal healthcare coverage for all state residents. The analysis estimates that the PHCP would save over $32 billion annually compared to the current system due to reductions in insurance company overhead, drug prices, and healthcare utilization increases from reduced cost-sharing. The savings would finance expanded coverage and lower the growing burden of healthcare costs on the state economy.
Patient Protection and Affordable Care ActPaul English
The document summarizes the key aspects of the Affordable Care Act (also known as Obamacare), including that it was presented by President Obama in 2010, upheld by the Supreme Court in 2012, and signed into law in 2010. It outlines some of the pros, such as expanding access to health insurance and protecting people from losing coverage, and some of the cons, such as increased taxes and the government having more control over healthcare. It also describes the individual mandate requiring people to have health insurance or pay a penalty.
The document summarizes recent changes to US health policies under the Affordable Care Act and how they are being implemented in Colorado. It discusses key provisions that took effect in 2010-2011 such as the pre-existing condition coverage for children, and outlines upcoming provisions in 2014 like the individual mandate and state-based health insurance exchanges. It also reviews related policies around electronic health records, accountable care organizations, and resources for tracking ongoing reforms.
Final Obamacare – just another piece of legislationsharoutunian0
The document summarizes key aspects of the Patient Protection and Affordable Care Act, also known as Obamacare. It provides an overview of the national debate around health care reform in the United States, including a brief history of past legislation and presidents who took on health care reform. The summary outlines some of the major provisions of Obamacare, such as prohibiting denial of coverage for pre-existing conditions and coverage for adult children. It also discusses both the perceived pros and cons of the legislation from increasing access to affordable care to costs and increased taxes.
Joe Biden's Health Care Plan Would Fix the Individual Health Insurance SystemDr Matthew Boente MD
IF the Democrats capture the White House, keep the House and take over the Senate, no maer who they elect as President, this Biden health care outline, not Medicare for all, will likely be the plan Democrats embrace in 2021
1) Discuss what seems to be the current posture of the Trump Administration and Republican Party leadership relative to expected health care policy changes.
2) Identify key distinctions between the Affordable Care Act (ACA aka ObamaCare) and the American Health Care Act (AHCA aka TrumpCare).
3) Recognize key strategies for future success regardless of changes to US healthcare policy and law.
Did you have time to read the 1,990 page healthcare bill that was recently passed through Congress? Have you since wondered about the impact that massive bill will have on the average American, health insurance providers, business owners and YOU? If yes, then join the Young Professionals of Chicago as we host a panel of diverse health care professionals that will be discussing current healthcare reform and taking questions on the impact of the United States' new healthcare policy. The distinguished panelists will also provide some insight and clarity into what this massive bill means for individuals like you. There will also be an opportunity for open networking with other young professionals before and after the discussion.
The ins and outs of the affordable care actJesseBouchard
The Affordable Care Act aims to provide more Americans with access to affordable health care through various reforms. It establishes health insurance exchanges to allow individuals and small businesses to compare plans, regulates the insurance marketplace, prohibits denying coverage due to pre-existing conditions, and expands Medicaid eligibility. The Act also aims to reduce health care costs and ensure Americans receive high-quality care.
hCentive Health Insurance Exchange PlatformAlisha North
Take advantage of hCentive's deep expertise in the healthcare insurance industry. Browse through or download our white papers to get an in-depth understanding of the industry.
The Affordable Care Act touches the lives of most Americans. In fact, nearly 21 million will be at risk if Obamacare is struck down, and may even lose health insurance completely if the law is ruled unconstitutional. This webinar will discuss what the outcome may be if ACA is repealed.
The document discusses whether the number of remaining uninsured people in the US, particularly undocumented immigrants, will impact the cost savings expected from the Affordable Care Act. It notes that while the ACA is projected to insure millions more and reduce the federal deficit by $109 billion over 10 years, hospitals will still bear costs from uninsured patients. Expanding coverage could further benefit the economy but insuring undocumented immigrants would be politically difficult. The recommendation is to let organizations exploring immigration reform consider healthcare implications carefully before proposing reforms.
This document discusses long-term care insurance and provides information to help individuals evaluate their options. It defines long-term care as services for chronic conditions and outlines the continuum of care from home to nursing home. It also addresses why long-term care is a growing concern due to longer lifespans, family changes, and rising costs. The document recommends that individuals meet with a financial representative to discuss long-term care insurance and how it can help provide financial security.
Iltci conference t mc inerney prepared comments 140318investor_genworth
The document contains prepared remarks from the CEO of Genworth, Thomas McInerney, for a conference on long term care insurance. In the remarks, McInerney outlines three topics: 1) his background and perspective in long term care insurance, noting the difficulty in pricing these policies; 2) the need for a new business model and regulatory framework to support a private long term care insurance market; and 3) why Genworth remains committed to being a leader in this market if regulations are favorable.
Are you prepared for the risk of needing long term care for you or your spouse? Even if you think you are prepared, this presentation will provide even the casual observer some important information. Don't wait until it's too late when you cannot do anything about this, start designing your plan now with the help of this presentation.
The document provides information about long term care, its costs, and the benefits of planning for long term care needs through insurance. It defines long term care as services to assist with daily living for an extended period of time. Most people will need some form of long term care as they age. The costs of care can be substantial and deplete savings. Long term care insurance helps cover the costs and provides financial protection and peace of mind.
The rising cost of health care in the US is largely due to the country's private health insurance system, according to economist Paul Krugman. As health insurance premiums and costs increase much faster than inflation, more Americans are unable to afford coverage. While market forces aim to reduce costs through competition, in health care these have failed due to inelastic demand for services and limited price transparency. Health policy influences economic policy by determining how much households and businesses must spend on health insurance and care, affecting overall inflation and GDP.
- The document discusses long-term care insurance, explaining what long-term care is, the rising costs of care, and options for paying for care such as Medicaid, private pay, and long-term care insurance.
- It provides details on factors to consider when purchasing long-term care insurance like benefits, discounts, inflation protection, and when to buy.
- The earlier you purchase insurance, the lower the premiums tend to be and the more likely you are to pass underwriting given health risks increase with age.
TIMMINT MI - Social Protection Weekly Report (Issue 2014-18)The TIMMINT Group
The document provides a weekly report on global social protection issues from April 28 to May 4, 2014. It discusses key topics like social insurance programs in the US and Australia potentially raising the retirement age to 70. It also mentions an ambitious Indian pension scheme for low-income workers abroad that is gaining momentum, with 70 new enrollments in March and April 2014, mostly from the UAE. The report aims to foster discussion on pressing social protection issues and help readers stay informed on the latest developments in the industry through data, analyses and opportunities to provide feedback.
The document discusses opportunities in the elderly care industry. It notes that the US elderly population is growing rapidly and will increase demand for elderly care services. Major opportunities exist in developing solutions to help seniors leverage their assets for additional retirement income and providing cheaper in-home care alternatives to retirement homes. The elderly care sector is poised for consolidation as many small players currently operate with minimal market share. Overall, the aging population will drive significant industry growth and present excellent investment opportunities.
The document discusses key trends in the life insurance industry. It covers topics like demutualization of insurers, convergence with other financial services, the aging agent force, the financial crisis's impact including declining consumer confidence, and what it takes to succeed in a life insurance career. Life insurance sales declined sharply in 2008 and 2009 due to the crisis, while fixed annuity sales surged as consumers sought safe assets.
The document explores implementing mandatory advance health care directives for Medicare beneficiaries as a strategy to reduce astronomical end-of-life medical costs. It notes that without changes, Medicare spending could grow to over 1/3 of GDP by 2030 as baby boomers age. Advance directives allow people to outline their end-of-life wishes in case they become incapacitated. The document argues this could help control costs by limiting unnecessary or unwanted intensive end-of-life treatments for the 5% of Medicare beneficiaries who account for 30-35% of total spending in their final year. It also examines the political and economic implications of making advance directives mandatory for all Medicare recipients.
Assessing U.S. and International Experience with Health Reform and Implications for the Future by W. David Helms, Ph.D, President and CEO, Academy Health
Economic Impact on Minnesota's Health Care Delivery Systemsoder145
Presentation by Lynn Blewett to the Minnesota State Legislature at a joint meeting of the health care and human services finance and policy committees in Saint Paul, MN, February 10 2009.
The document discusses long-term care insurance and options for planning for long-term care needs. It outlines what long-term care is, rising costs of care, options like Medicaid, private pay or long-term care insurance. It provides details on long-term care insurance policies, benefits of purchasing earlier in life, and tips for evaluating insurance providers. The document aims to help people take charge of their future by planning financially for potential long-term care needs.
This presentation discusses the impact of health reform. It begins by defining the problem, then provides an overview of legislation and the impact on business. It provides a contrarian view of the subject and explains why health reform is really insurance reform. It also introduces the concept of consumer sovereignty,
Long-term care (LTC) refers to both medical and non-medical care for people who cannot independently perform daily activities or who have cognitive impairments. As lifespans increase, more people will need LTC, but it is very expensive - the average daily rate for a private nursing home room is over $200. Few have private LTC insurance to cover these costs. Private LTC insurance pays for only 7% of LTC costs currently. While it is growing as an alternative to relying on family or public programs, many are unaware of its benefits or mistakenly believe other options will cover LTC expenses.
Obamacare - Future of Healthcare War Room Slideshiddenlevers
The document discusses the future of healthcare in the United States under the Affordable Care Act (ACA or Obamacare). It covers what is included in the ACA, the potential impact on employers who provide health insurance, potential winners and losers from the law, and scenarios for how implementation could succeed or fail. Key points include the individual mandate, health insurance exchanges, penalties for those uninsured, subsidies for low-income households, Medicare cost cuts, and potential impacts on employers deciding whether to continue providing health insurance to employees.
The document discusses healthcare reform and its potential repeal. It notes that while repeal seems out of reach currently, many aspects of the law have already taken effect. These include eliminating pre-existing condition exclusions for children, covering dependents until age 26, and minimum loss ratios for insurance companies. The document also discusses the costs and implementation of state health insurance exchanges. It provides the perspective of the author who has advised on the impacts of healthcare reform.
Nearly 80 percent of the deposits in local savings banks are owned by those over age 55.
By partnering with experienced eldercare professionals, a bank can build closer relationships with these maturing multi-generational families (aging baby boomers and seniors).
Banks who pay attention to these critical customer segments will not only preserve their customer base but will see a substantial increase in attractive new depositors resulting in improved profitability.
4. Self Insure Vs LTC insurance Source: Long-Term Care: Taking Care of the Future Sí, Money! Vol. 2, No. 3 June 2008 By Michael Grodsky Long term care expenses are beyond the reach of many individuals. LTC is the best option looking forward
5. Diversity in population The older population is financially and socially diverse Source: AARP-Across the states profiles of long term care and independent living – By ari houser, 2009
6.
7. Penetration of LTCI Source: The current state of LTC insurance in the U.S – Milliman consultants - 2004
8. Porters’ Five forces model LTC industry is an industry of intense competition High Low High High Image source: Michael.E.Porter, Harvard business review, January 2009
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13. Current share of private LTC Insurance 35% of Long term care is privately financed Source: Long term care – an essential element in health care reform- The scan foundation- Dec 2008
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17. Potential market for LTC Insurance- contd Source: AARP-Across the states profiles of long term care and independent living – By ari houser, 2009
18. Potential market for LTC Insurance Source: AARP-Across the states profiles of long term care and independent living – By ari houser, 2009 Family caregiving is the main source for LTC in all U.S states. The economic value of family caregiving is higher than Medicaid LTC in all states
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20. Impact of recession on LTC sales Consumers at workplace are less affluent and susceptible to economic variations Source: Looking at the impact of recession on Insurance industry- October 2008 – Limra.com Individual LTCI sales
21. Consumer outlook on Economy Consumer opinion on the economy is slowly turning favorable – As per LIMRA
22. Consumer outlook on Insurance companies Consumer opinion on the Insurance industry is not very favorable now– As per LIMRA
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25. Shift from Medicaid to private LTC carriers The shift is from Medicaid funded LTC to private LTC insurance as government makes Medicaid LTC more stringent Source: The kaiser commission on the uninsured feb 2008
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28. Contact Information Salar Bijili [email_address] +91-96544-49412 www.genpact.com Thank You Confidential. All trademarks appearing herein belong to their respective owners.
Editor's Notes
Benefits need not be fixed, however, because of a policy feature called inflation protection. For example, a $310,000 lifetime benefit might cost a 48 year-old married person $2,000 during the first year of coverage. 30 years later at age 78, the lifetime benefit is now over $1,250,000 because of 5% annual compounding. The premium is still $2000 per year Currently, 83% of long term care is provided in the home or community, while only 17% is provided in a nursing home. 2 However, 40 percent of people over the age of 65 will need care in a nursing home for some period of time Long-Term care insurance can be expensive because the costs it insures against are so high. The value is in spreading out possible costs over many years instead of having potentially massive expenses occur over a short period. If ltc insurance is an appropriate choice, there are powerful reasons not to delay purchasing: 1) If accepted, you’re covered from day one; 2) Unlike health insurance premiums that increase with a person’s age, long-term care premiums are determined by the age when you first obtain insurance. Rates typically rise after the age of 30, so it’s usually not cheaper to purchase than when you’re 30 years old, and 3) the cost of waiting exceeds the money you’d save by delaying—assuming that ltc insurance is eventually purchased. For example, a $310,000 lifetime benefit might cost a 48 year-old married person $2,000 during the first year of coverage. 30 years later at age 78, the lifetime benefit is now over $1,250,000 because of 5% annual compounding. The premium is still $2000 per year (It is possible that future rate increases may be approved by the State of California, affecting everyone equally. Individual rate increases are not allowed).
Half of ppl above 65 are below 300% of poverty line 20% live in non urban areas 20% have a degree or higher 33% of ppl above 75 years are living alone 40% of ppl above 65 years have atleast one disablilty
The earliest Long-term Care Insurance product was offered in the 1970's. Of the original ten carriers, only two are still offering these products. The early products covered only Nursing Home Care. They were designed to be compatible with Medicare and included a three-day hospital wait and Medicare parallel language regarding skilled care. When Medicare payment system was restructured to Diagnostic Related Groups (DRGs) in 1983, the hospitals moved toward "sicker/quicker" discharge decisions. The next generation of LTCI policies in the mid to late 1980's recognized the need for Home Health Care compensation. Riders were attached for Home Health Care reimbursement. In the early 90's, Traveler was the first major LTCI issuer to interpret the LTCI contract into "one pool of dollars" and the first to integrate contracts, which covered the full range of benefits including Home Health Care, Adult Day Care, Assisted Living Care and Nursing Home Care. These policies were site neutral meaning that the consumer had a choice of where to use the policy benefits. Today's LTCI Options The newest generation of comprehensive LTCI policies offers care outside of America in foreign countries, coverage for family members on the same policy and policies that can be paid up after a specific number of years. All of these enhancements have continued to keep pace with the consumer's input as to what they want in an LTCI policy.
Long tail of LTC insurance product Bargaining power of corporate clients Any existing insurance company may launch LTC product High entry barriers High exit barriers
2007 marked a year of growth for long-term care insurance, with nearly $ 650 million in new annualized premium sales. But growth was reversed during the second half of 2008, the record sales of just over $ 600 million for the year. The number of new buyers almost 277,000 individual LTCI, down nine per cent for the end of 2008. Limra believes that this decrease in sales is returned to where they were in the early 1990s. There were approximately 4.8 million people LTCI policies in force at the end of 2008, an increase of two percent over the end of 2007. Despite economic pressures to which the Americans, the LTCI lapse rates continue to be low, with only four percent of policies (life), brought to the end of the year. Total premiums in force at the end of 2008 was approximately $ 8.6 billion, an increase of five per cent. Consumers at workplace are less affluent and susceptible to economic variations.
Average age for LTCI is 58, life is 50 and universal life is 65
The bank does not own the home but owns a lien on the property just as with any other mortgage You continue to hold title to the property as with any other mortgage The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan There is no penalty to pay off the mortgage early The proceeds from a reverse mortgage are tax-free and available as a lump sum, fixed monthly payments for as long as you live in the property, a line of credit; or a combination of these options There are no income, asset or credit (except for current bankruptcy) qualifications The borrower(s) must be at least 62 years old The property must be the borrower's primary residence The money is withdrawn tax-free, does not affect Social Security or Medicare benefits, and can be used for any purpose the homeowner wishes The money can be received as a lump sum, a line of credit, a monthly payment, or any combination of these three options There are no mandatory monthly repayments. Most programs can be repaid at any time without penalty (the interest may be deductible) The title of the home does not change The maximum loan amount is set by the lender
Remove state option to increase HEAT from 50000 to 75000 More stringent norms for qualification