IN THE WORKPLACE:

The Case for Long-Term Care Insurance and Disability Insurance 

By Marc Glickman 

More employers are considering a long-term care insurance benefit for their employees. 

This additional benefit can help attract and retain great talent and also help employees better plan for their own futures. Since many employers already offer disability insurance (DI), there may 

be some confusion around the need for long-term care insurance (LTCi) and the differences between disability insurance and LTCi. 

Let’s take a moment to learn the differences between DI and long-term care insurance. Both benefits have a place in an employee’s overall financial plan. Long-term care insurance and disability insurance are both designed to help someone cope with a loss of function but for different purposes. However, they have some commonalities, including: 

• Group coverage may be available with limited or no health underwriting
• If purchased as individual coverage with more comprehensive benefits, require health underwriting
• They both fit into a comprehensive financial plan

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COLLABORATION ON LTCi

Finding Long Term Care Solutions

How BuddyIns.com helped me address my client’s LTCi needs 

By David Ethington 

It is no surprise that many of my clients have a fear of how to cover health expenses in retirement. Working through The Collaboration Center, I was able to solve my client’s complex issues. I experienced the value of collaborating with a subject matter expert (SME) and the process used to clarify issues and develop solutions. 

To start, I explored my client’s concerns with Danny Wexler, an estate planning expert who assists health insurance professionals with client issues outside of their area of expertise. Danny and I agreed to arrange a call with my client. I introduced Danny as an SME in legal and estate planning. Danny’s background is ideal since he has performed these clarity calls numerous times. 

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MEDICARE

Sponsored by AGA

Adapting to the Latest CMS Regulations 

A Breakdown of 2024 MA and Part D 

Final Rule Changes for Agents 

The Centers for Medicare & Medicaid Services (CMS) has recently released the final rule for Contract Year 2024, outlining key changes that will impact sales processes. 

It is important to understand these changes, as failure to comply with the new regulations can lead to significant consequences for your business. Changes will take effect on September 30, 2023. 

By Austin Felch 

Here is what you need to know 

Medicare Marketing Rules for Contract Year 2024 

Prohibits marketing unless the names of MA organizations or Part D sponsors being advertised are clearly displayed 

This new rule stipulates that Medicare Advantage (MA) organizations and Part D sponsors are no longer allowed to promote any products, plans, benefits, or costs unless they clearly disclose their name or marketing name(s) in the promotional material. 

This requirement ensures that beneficiaries are fully aware of the organization they are dealing 

with and who they are contacting. (Rules, Page 386) 

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GROUP 

Sponsored by Word&Brown 

Required by Employers by October 14 on Another Annual Group Health Plan Compliance Deadline 

By Paul Roberts

All employers offering prescription drug benefits to employees are required to provide annual notifications to Medicare-eligible employees and dependents before Oct. 15, regarding the drug status of their plan(s). 

These notices help Medicare-eligible individuals make informed decisions about their health insurance and drug benefit options, so they may obtain the best coverage for their needs. It also helps Medicare consumers avoid potential Medicare penalties. 

The employer’s required notification discloses whether the prescription drug benefits provided by the group health plan are “creditable” or “non-creditable,” when compared to the prescription drug benefits provided by Medicare Part D drug plans. 

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Small business and HR Tech: an untapped market 

By Wendra Johnson 

Today’s employees are feeling financial strain. In a recent Unum survey we learned that 

46% of workers have less than $1,000 in their checking/savings account and almost half of workers could only avoid financial distress for two months or less if they couldn’t work. 

While these may seem like numbers on the surface, there are real people behind the statistics.  Real people with families, who need comfort and security as they navigate all of life’s moments.   

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BOOK REVIEW 

“Faster Cures — Accelerating the Future of Health” by Michael Milken 

Reviewed by Phil Calhoun 

Partly a memoir and partly a recent history of medicine, the book provides a self-reported account of Michael Milken’s battle against prostate cancer and, from this experience, his lifetime work to accelerate medicine’s evolution. 

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INDUSTRY CALENDAR