Indications are the Genworth will have product available for purchase within 60 days. What is still unclear is: Will Genworth have a CA Partnership policy for sell? My guess (and hope) is they will. However there needs to be progress in amending the Partnership regulations.
Since the CA Partnership is to attract and maintain LTC insurance carriers they need to offer a product that is competitive. Improvements to the Partnership is as simple as:
- Allowing 3% compound inflation and other types of automatic inflation protection.
- Having preciosity with other Partnership States. (Asset Protection & Estate Recovery Credit)
- Reducing the Minimum requirement for daily benefit from 70% of average cost of Nursing Home Care to 50%.
Desperately needed is leadership and cooperation between the DOI and Dept of Health. Their mandate is to regulate Long Term Care insurance and make it a viable alternative to Medi Cal Planning. LTCi should be affordable to the public. Time is wasting away... the public is getting older and losing their ability to buy protection because of health concerns.
Certain is the fact that our dollars will buy less coverage. This can be partly compensated by product design. Tax Credits, above the line tax deductions permitting LTCi in group Cafeteria plans are other ideas CA can legislate in promoting Long-Term Care Planning.
