Each year, the original Partnership states (CA, CT, IN and NY) revisit certain minimum benefit requirements to qualify for their Partnership programs. The requirements that are changing for 2023, as well as some (but not all) minimum Partnership requirements that not changing, are described below. Note: Updates to the minimum benefit requirements apply to newly-issued policies and may in some cases apply to benefit reductions on existing policies. California Partnership The minimum benefit requirements for Partnership in California are changing for 2023. Requirements 2022 2023 Minimum Daily Benefit $260 $280 Minimum Monthly Benefit $8,060 $8,680 Connecticut Partnership The minimum
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Staying Connected: The Potential Need for Long Term Care
Greetings, and welcome to another edition of our “Staying Connected” email series. In this issue, we wanted to share a video to help start conversations – with your clients, but also your own family. The potential need for long term care is a topic most people would rather avoid. But not talking about it doesn’t make the issue go away. It only delays planning and leads to potential confusion and financial impact for not just those who may need care, but their family and friends. The reality is that seven out of ten people over the age of 65 will
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Genworth – 2021 Cost of Care Survey Results
Since 2004, families across America have counted on us to help them understand the cost of care. Our research in 435 cities and towns across all 50 states has not only helped individuals plan for their own care but helped policymakers with forecasting and legislative reform. In 2021, the 18th year of the survey, the United States continued to grapple with the COVID-19 pandemic and the national median costs associated with all long-term care service providers increased compared to 2020 data. Why Cost of Care is Increasing Since we started tracking the cost of care in 2004, long term care
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“Genworth Hopes to Return to Long-Term Care Market Next Year”
“Genworth Hopes to Return to Long-Term Care Market Next Year,” by Allison Bell, ThinkAdvisor Quote: “Genworth Financial is firming up plans to return to the U.S. long-term care insurance (LTCI) market in 2022, company executives said Wednesday. Genworth will work with other highly rated insurers to set up a new insurance company, which will probably provide support and advice services for older people who are still living in their own homes, as well as LTCI coverage, Tom McInerney, Genworth’s CEO, told securities analysts during a conference call. McInerney said Genworth expects to contribute expertise to the new LTCI issuer, and possibly
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Clippings, Genworth, and Industry News.
“Genworth Plans for Return to Long-Term Care Insurance Sales”
“Genworth Plans for Return to Long-Term Care Insurance Sales,” by Allison Bell, ThinkAdvisor Quote: “Genworth says it’s already talking to potential LTCI business partners. The company still wants to work with China Oceanwide to develop long-term care solutions for China. The goal would be for the new products to have lower and more predictable risk.” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Go Genworth! Subscribe to GoldenCare News
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Clippings, Genworth, and Industry News.
Genworth Announces Termination of Merger Agreement with Oceanwide
RICHMOND, Va., April 6, 2021 /PRNewswire/ — Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) today announced that it has exercised its right to terminate its merger agreement with China Oceanwide Holdings Group Co., Ltd. (Oceanwide) as of April 6, 2021. Terminating the agreement allows Genworth to pursue its revised strategic plan without restrictions and without uncertainty regarding its ultimate ownership, which might impact the Company’s ability to successfully execute the plan. The Company’s revised strategic plan includes a potential partial initial public offering (IPO) of its U.S. MI business (subject to market conditions as well as the satisfaction of
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2021 Partnership Minimum Benefit Requirements for CA, CT, IN and NY
Each year, the original Partnership states (CA, CT, IN and NY) revisit certain minimum benefit requirements to qualify for their Partnership programs. The requirements that are changing for 2021, as well as some (but not all) minimum Partnership requirements that not changing, are listed below. California Partnership The following minimum benefit requirements for Partnership in California are not changing for 2021. Requirements 2020 2021 Minimum Daily Benefit $230 $230 Minimum Monthly Benefit $7,130 $7,130 Connecticut Partnership The minimum monthly benefit required in 2021 for Connecticut Partnership plans will be $9,095. Because this amount is higher than the current maximum
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Good News | Now Available: 2020 Cost of Care Data to Support Your LTCi Sales
Good News! Genworth’s 2020 Annual Cost of Care Survey Now Available Genworth started tracking the cost of care 17 years ago and have been a trusted source since. Over the years, we’ve tracked various trends that have come and gone but one thing hasn’t changed: long term care costs for nursing homes, assisted living facilities, and in-home care are higher than most people have planned for and only continue to rise. Genworth Cost of Care 2004 – 2020 To explore Cost of Care data by city, state or zip code, find trend charts and access lists of states ranked in
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Genworth – 2020 Cost of Care Survey Results
We started tracking the cost of care 17 years ago and have been trusted source since. Since 2004, families across America have counted on us to help them understand the cost of care. Our research in 435 cities and towns across all 50 states has not only helped individuals plan for their own care but helped policymakers with forecasting and legislative reform. Over the years, we’ve tracked various trends that have come and gone but one thing hasn’t changed: long term care costs for nursing homes, assisted living facilities, and in-home care are higher than most people have planned for
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“Genworth and China Oceanwide Push Back Deal Completion Deadline”
“Genworth and China Oceanwide Push Back Deal Completion Deadline,” by Allison Bell,ThinkAdvisor Quote: “Genworth Financial and China Oceanwide Holdings Group Co. Ltd. said Thursday that they have postponed the consummation of their deal a 16th time, to Nov. 30. But the companies said China Oceanwide ‘has reached a general agreement with Hony Capital on the key commercial terms and conditions of its $1.8 billion offshore financing plan to complete the acquisition of Genworth.’” LTC Comment: One more time!
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Clippings, Genworth, and Industry News.
