Reports from industry groups like the Society of Actuaries and American Association for Long-Term Care Insurance examined the effect the coronavirus pandemic has had on the long-term care insurance industry. While claims were lower than expected in early 2020, the amount carriers paid out increased 6% last year over 2019.
The coronavirus relief legislation passed near the end of 2020 omitted a provision that would have called on the Social Security Administration to remind people nearing age 65 of their ability to sign up for Medicare Part B. This article reviews Medicare enrollment issues as well as some pitfalls to avoid.
A study by The Zebra found auto insurance rates for women are higher than they are for men in 21 states and Washington, D.C., even as Insurance Institute for Highway Safety data shows women are involved in fewer accidents. Overall in the US, auto insurance rates are 0.4% higher on average for women, according to The Zebra.
Federal Reserve researchers attribute the global rise in personal saving to the coronavirus crisis and the government support that accompanied it, particularly in the US, where much of the financial relief went directly to households. When the crisis fades, a consumer spending surge would be beneficial to the overall economy, but the researchers play down that likelihood, noting: "There is only so much pop that pent-up demand for services such as travel, restaurant meals, and entertainment can deliver."
The continued rise of equities markets, widening market breadth and influx of retail investors have contributed to a sharp decline in short-selling bets. "Short selling of what were historically the 'go-to' shorts has slowed dramatically and not been replaced by 'new' shorts," a team of Morgan Stanley analysts told clients.
The Investors Choice Act, which would effectively ban pre-dispute mandatory arbitration agreements in brokerage and investment advisory customer contracts and would make it easier to launch class-action lawsuits, has been introduced in the House and the Senate. Similar legislation failed in 2019.
Securities and Exchange Commission Chair Gary Gensler has hired four senior staffers, including the AFL-CIO's Heather Slavkin Corzo as policy director. Gensler's priorities are expected to include environmental, social and governance issues, special-purpose acquisition companies and the mainstreaming of cryptocurrencies.
When the IRS released its interpretation of the Setting Every Community Up for Retirement Enhancement Act's 10-year required minimum distribution rule for post-death payouts, it was not what many people in the financial industry anticipated, writes Ed Slott. The newly released publication said most non-spouse designated beneficiaries must take distributions in each of the 10 years, Slott writes.
Advisors should identify which type of firm they are leading, writes consultant Angie Herbers, who categorizes businesses as emerging, progressive and next-year firms. Each type serves clients in unique ways, Herbers notes.
"Creative" marketing is typically not the most effective marketing, according to Angel Gonzalez of Snappy Kraken. Gonzalez touts the 40-40-20 rule, where 40% of the focus is on the audience, 40% is on the product or service offering, and 20% is on everything else.
Join our panel of experts as they have a roundtable discussion on mid-market long-term care planning and discuss what the future holds. Presenters include, Carroll Golden, executive director of NAIFA's LECP, Steve Schoonveld, AVP MoneyGuard Product Management at Lincoln Financial Group, Barry Fisher and Ron Hagelman, Jr., principals at Ice Flow Consulting, LLC. Register here.
NAIFA's Congressional Congress is a virtual event featuring targeted advocacy training with briefings on legislative issues that affect members' businesses, best practices for conducting congressional meetings and tips for developing impactful long-term relationships with legislators. The May 25 session will include a briefing from NAIFA's Government Relations team and feature addresses from federal legislators. On May 26, attendees will participate in virtual meetings with Congress members and their staff to discuss legislative issues important to their businesses and clients. This is a unique opportunity to tell your story and show the important work you do providing Main Street consumers with opportunities to achieve financial security and prosperity. Learn more.