Long Term Care Insurance [LTCI] Meltdown

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Only the Beginning

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]

Dr David E Marcinko MBAAs a Certified Financial Planner™ and licensed insurance agent for more than a decade, I am aware of how much the industry is promoting long term care insurance [LTCI] as one solution to the aging baby boomer crisis. And, there is no doubt that a legion of agents and “advisors”, along with readers of the Medical Executive-Post, are aware of the fat commissions these products produce. Of course, I have been criticized for opinions against this product for some time now, along with a philosophy of personal accountability.

Only the Beginning

And so, it is no surprise that Penn Treaty American Corporation [PTAC], a long-term-care insurance company, recently said it would stop issuing new LTCI policies. PTAC said its primary insurance subsidiary will be considered insolvent unless it can raise at least $100 million by January 1st, and that it will accept letters of interest from prospective investors and purchasers through mid-October, while deciding on a course by the end of the year.

Assessment

According to the Philadelphia Inquirer on October 4, the company needs about $100 million to $120 million to cover reinsurance agreements it intentionally dropped because the cost to keep them was more than the value of the agreements.

Conclusion

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Politics of Healthcare

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Biden versus Palin

[By Staff Reporters]

Enter the PFCD

The “Partnership to Fight Chronic Disease” recently entered the political arena when it expressed disappointment at last week’s vice-presidential debate; saying Senator Joe Biden and Governor Sarah Palin did not address one of the nation’s most pressing economic issues; the rising cost of healthcare.

The Next Financial Casualty?

Earlier this week, former US Secretary of Health and Human Services Tommy Thompson held a conference call to discuss why healthcare could be what they called “the next financial casualty” in the current economic crisis.

Assessment

The Partnership to Fight Chronic Disease is a national coalition of patients, providers, and community organizations dedicated to raising awareness of the impact of chronic disease in the US. So, is the PFCD correct on this point; did the VP candidates abrogate this issue? Your comments and thoughts are appreciated.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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“Mea-Culpa” from Doctors

Grievous Physician Mistakes

Staff Reporters

Welcome to this op-ed piece where you send us your most grievous investing, medical practice management and/or financial planning mistakes.

As Wall Street unwinds, the problems with Bear-Stearns, Lehman Brothers, USB, Wachovia, Fannie Mae and Freddie Mac, WaMu, Merrill Lynch, SunTrust and AIG, etc, demand that we consider our past transgressions; along with a significant mea-culpa; not to repeat same.

And so, please send us your heart-felt errors so that others may learn from them. Feel free to remain anonymous, if you like. There is no limit to the number of times you can post.

Assessment

Remember, there are two types of mistakes:

  1. Medical practice management, and
  2. Investing and financial planning mistakes.

Conclusion 

Your comments are appreciated. We will begin with a few examples, cited below to get started.

Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Health Administration Terms: www.HealthDictionarySeries.com

Physician Advisors: www.CertifiedMedicalPlanner.com

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com  or Bio: www.stpub.com/pubs/authors/MARCINKO.htm

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