First Rule of Getting Out of Hole: Stop Digging

Don’t Limit Your GrowthYour growth is limited by your ability to listen to ideas with which you disagree, to explore beliefs that are in conflict with your own, and your ability to take the perspective of another, understanding that they hold some piece of The Truth. You arrived where you are today because you’ve been exposed to certain sets of ideas about who you are … about what you’re supposed to be doing, and what is possible for you. What you know and believe today got you to this point. But what you are willing to change to get you further? Your growth is limited only by your willingness to explore something new, even when you might disagree with it. Listen. Learn. Grow.

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Millennials Are Less Insured

Millennials Are Less InsuredTheir insurance preferences are a departure from the status quo

As Millennials overtake Baby Boomers as the largest generation, they’re shaking up traditional health care and foregoing insurance. Millennials (16%) are more likely to be uninsured compared with the older generations (12% of Gen X and 8% of Boomers), a trend increasing since 2016; 60% of uninsured Millennials say they didn’t get insurance because it’s too expensive and they say they don’t have time to acquire coverage.

A report from Transamerica says nearly half (48%) of Millennials spend less than $100 per month on health expenses, not including insurance premiums. Millennials are more likely than older generations (43% vs. 36% of Gen X and 33% of Boomers) to say they rely mostly on the Internet to gather information about insurance and health care.

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Begin Your Day Earlier; Get More Done

Begin Your Day Earlier Get More Done One of the best ways to become more productive is to wake up earlier and give yourself a head start on the day. The time you wake and rise is a habit, and like all habits, it can be difficult to change. Try these steps for one week to learn how to rise before dawn: get up earlier – no matter what – get up; drink ice water; sleep seven hours; keep your bedroom dark and cool at night, and give it a week.

The first day you’ll be tired. The second day you’ll even more tired. By the third day, you’ll be asleep by 9:30 the night before. Any lack of sleep catches up with you, and soon falling sleep will be unavoidable, so your habits change. But if you tough it out for a few days, you’ll learn how powerful it can be to begin your day before the sun rises. You can do this.

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Analysis of 2019 Medicare Trustees Report

Analysis of 2019 Medicare Trustees ReportSome curated observations from an analysis of Medicare’s health and future by the Committee for a Responsible Federal Budget:

  • The number of Medicare beneficiaries grew from 40 million in 2000 to 60 million in 2018 (the explosion of the Boomer generation aging to 65) and is projected to grow by another 27 million – to 87 million – by 2040;
  • Each part of Medicare will grow: Part B experiences the largest increase as a percent of the Gross Domestic Product while Part D is the fastest-growing part of the program;
  • Medicare Advantage enrollment is expected to increase from 37% of Medicare enrollment in 2018 to 40% by 2028, and spending will rise from 31 to 37% of Medicare spending.

Medicare Spending by Part

(Percent of GDP)

Medicare Spending by Part

years

Of Medicare’ three main components:

  • Part A spending is projected to increase from 1.5% of GDP in 2018 to 2.2% in 2040 before growing more gradually to 2.3% by 2090;
  • Part B follows a similar but faster-growing trend, increasing from 1.7% of GDP in 2018 to 3% in 2040 and 3.1% by 2090;
  • Part D is the smallest but fastest-growing over the next 75 years, rising from 0.5% of GDP in 2018 to 0.8% in 2040 and 1.1% in 2090.

Medicare Advantage continues to grow: participation increased from 24% of total Medicare enrollment in 2009 to 36% in 2018 with M/A plans receiving more than three-quarters of the net increase in enrollment during that time.

Trustees expect this trend to continue: private plans are expected to receive a majority of the net enrollment increase over the next decade, reaching 40% of total enrollment in 2028. The Trustees expect M/A to continue to play a big and increasing role within Medicare.

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Preliminary Premium Growth Rates

Q1 2019

Preliminary Premium Growth Rates

The numbers reflect the % growth as compared to the same quarter of the previous year unless noted otherwise.

* Reflects 4Q YE sales results **Individual LTCI sales is reported annually

LIMRA INFOGRAPHIC

 

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