In-Force Rate Action Announcement: Idaho (Pre-PCS, PCS I, PCS II, Choice 1)

> Choice 1 with Stable Premium Option As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Idaho has now allowed the following increases: Idaho Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 10% 30% PCS I 10% 25% PCS II 10% 20% Choice 1 15% 20%   Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to
Read More

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

In-Force Rate Action Announcement: Idaho (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Idaho has now allowed the following increases: Idaho non-AARP Product Series Increase Percentage Privileged Choice 15% Classic Select 15%   Idaho AARP Product Series Increase Percentage Privileged Choice 15%   Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin December 3, 2019 and will continue throughout the
Read More

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

Good News | Genworth’s 2019 Annual Cost of Care Survey Now Available

Genworth’s 2019 Annual Cost of Care Survey Now Available For 16 years, Genworth has tracked the cost of care nationwide to help families understand long term care costs, viewed as one of the industry’s most comprehensive cost evaluations. The 2019 findings were announced last week. “The fastest-rising long term care costs are no longer for the most skilled care — in a facility, they’re now for the least-complex care — at home.” To explore Cost of Care data by city, state or zip code, find trend charts and access lists of states ranked in order of care costs, click below:
Read More

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

Genworth Cost of Care Survey 2019 – Announced Today

Genworth Cost of Care Survey 2019: Skyrocketing care costs may make the dream of aging at home more challenging Richmond, VA (October 16, 2019) — The fastest-rising long term care costs are no longer for the most skilled care – in a facility, they’re now for the least-complex care – at home, according to Genworth’s latest 2019 Cost of Care Survey results, announced today. To explore Cost of Care data by city, state or zip code, find trend charts and access lists of states ranked in order of care costs, visit www.genworth.com/costofcare. The cost of homemaker services, which includes assistance
Read More

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

In-Force Rate Action Announcement: Washington (Pre-PCS, PCS I, PCS II)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Washington has now allowed the following increases: Washington Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 27.2% 27.2% PCS I 30% 30% PCS II 30% 30%   This rate increase applies to NON-AARP, non-partnership policies only Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start
Read More

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

REMINDER: Genworth’s 2019 Commission Pay Schedule

Genworth is changing the timing of the end of year paydown. October 4, 2019 will be the payout for commission payments that have not previously met the minimum payment requirement. Genworth will process all commissions due on October 4, 2019. The $50 minimum payment requirement will resume after October 4, 2019 and will continue through the next commission pay down in 2020. Therefore, there will not be an “end of year” pay down as in previous years. All commission payments, for all products, will be distributed on October 7, 2019. Genworth will resume normal commission payments that have met the
Read More

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

In-Force Rate Action Announcement: Virginia (Pre-PCS, PCS I, PCS II, Choice 1)

> PCS II with Stable Premium Option > Choice 1 with Stable Premium Option As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Virginia has now allowed the following increases: Virginia Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 39% 99% PCS I 55% 72% PCS II 55% 72% Choice 1 73%* 55%** 83%* 72%**   * This rate increase applies to policies issued before 10/1/2003
Read More

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

In-Force Rate Action Announcement: Virginia (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Virginia has now allowed the following increases: Virginia non-AARP Product Series Increase Percentage Privileged Choice 24.8%* 33.9%** Classic Select 24.8%* 33.9%**   Virginia AARP Product Series Increase Percentage Privileged Choice 33.9%** Classic Select 33.9%**   * These rate increases apply to policies issued before 10/1/2003 ** These rate increases apply to policies issued on or after 10/1/2003   Communications Timeline Servicing agents will receive a list
Read More

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

Genworth Financial Announces Second Quarter 2019 Results

7/30/19 Net Income Of $168 Million And Adjusted Operating Income Of $204 Million RICHMOND, Va., July 30, 2019 /PRNewswire/ — Merger Agreement With China Oceanwide Holdings Group Co., LTD (Oceanwide) Extended To No Later Than November 30, 2019; Actively Soliciting Interest In Genworth MI Canada U.S. Mortgage Insurance (MI) Adjusted Operating Income Of $147 Million With $15.8 Billion In New Insurance Written (NIW) And Continued Strong Loss Performance U.S. MI’s PMIERs1 Sufficiency Ratio At 123 Percent, In Excess Of $650 Million Above The Revised Standards That Became Effective On March 31, 2019 Continued Strong Capital Levels In Canada And Australia
Read More

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

Genworth’s 2019 Commission Pay Schedule

Genworth is changing the timing of the end of year paydown. October 4, 2019 will be the payout for commission payments that have not previously met the minimum payment requirement. Genworth will process all commissions due on October 4, 2019. The $50 minimum payment requirement will resume after October 4, 2019 and will continue through the next commission pay down in 2020. Therefore, there will not be an “end of year” pay down as in previous years. All commission payments, for all products, will be distributed on October 7, 2019. Genworth will resume normal commission payments that have met the
Read More

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