“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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Categories: 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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Categories: 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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Categories: Genworth, Industry News, and Long-Term Care.

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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Categories: Genworth, Industry News, and Long-Term Care.

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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Categories: Genworth, GoldenCare News, Industry News, and Long-Term Care.

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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Categories: Genworth, Industry News, and Long-Term Care.

“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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Categories: Clippings, Genworth, and Industry News.

“Approximately 95% of Green House homes have reported zero cases COVID-19 among residents or staff: study”

“Approximately 95% of Green House homes have reported zero cases COVID-19 among residents or staff: study,” by Amy Novotney, McKnight’s Senior Living Quote: “Much attention has been given of late to the properties or characteristics that have helped long-term care facilities stave off outbreaks of COVID-19. A new study led by University of North Carolina researcher Sheryl Zimmerman, Ph.D., reveals that 95% of nursing homes following the Green House model of care — which are designed for single-occupancy rooms — reported zero cases COVID-19 among residents or staff. … ‘In fact, the original Green House home in Tupelo, MS, sponsored by Methodist
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Categories: Clippings, COVID-19, Genworth, and Industry News.

“Genworth Paid $10 Million in Q2 COVID-19 Life Insurance Claims”

“Genworth Paid $10 Million in Q2 COVID-19 Life Insurance Claims,” by Allison Bell, ThinkAdvisor     Quote: “Genworth Financial paid $10 million in COVID-19-related life insurance claims in the second quarter. … Genworth is not giving details about the effects of COVID-19 on the performance of the LTCI unit, but it did say an increase in deaths improved the unit’s performance. … China Oceanwide Holdings Group Co. Ltd. of Beijing has been trying to acquire Genworth for years. The companies now have all needed U.S. approvals and reapprovals. Tom McInerney, Genworth’s chief executive officer, said that the new hurdle is that, because completing
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Categories: Clippings, Genworth, Industry News, and Long-Term Care.

Genworth to distribute newsletter to LTC Policyholders

Mailings to begin in July 2020 Genworth will begin mailing a newsletter to LTC policyholders in July 2020 with information and updates including: A message from our CEO New solutions for common caregiver problems Update on global expansion Premium rate increase explained Policy and service questions To view a copy of the newsletter, click here.   Genworth to distribute newsletter to LTC Policyholders   #goldencareagent #genworth
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Categories: Genworth, Industry News, and Long-Term Care.