In-Force Rate Action Announcement: Ohio (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. Ohio has now allowed the following increase: Ohio Product Series Increase Percentage Privileged Choice 15% Classic Select 15%     This rate increase applies to both AARP and Non-AARP policies. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state prior to the start of policyholder notifications. Agent notifications begin October 17, 2017. Policyholder notifications will begin December 4, 2017 and
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Categories: Genworth, Industry News, and Long-Term Care.

“The Nation’s Retirement System: A Comprehensive Re-evaluation Is Needed”

“The Nation’s Retirement System: A Comprehensive Re-evaluation Is Needed,” Government Accountability Office (GAO) “The U.S. retirement system, and the workers and retirees it was designed to help, face major challenges. Traditional pensions have become much less common, and individuals are increasingly responsible for planning and managing their own retirement savings accounts, such as 401(k) plans. Yet research shows that many households are ill-equipped for this task and have little or no retirement savings. In this special report, GAO examines these challenges, drawing from prior work and others’ research, as well as insights from a panel of retirement experts on how
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Categories: Industry News and Long-Term Care.

“MIT: Assisted Living Innovation and Design to Flourish as U.S. Ages”

“MIT: Assisted Living Innovation and Design to Flourish as U.S. Ages,” by Tim Regan, Senior Housing News “As the number of seniors who need senior living services grows, assisted living providers will likely move away from operating smaller, stand-alone locations and instead choose to operate larger, more complex and cost-effective buildings, according to Albert Saiz, director of the MIT Center for Real Estate. . . . One possible trend the researchers identified is the rise of suburban ‘civic centers,’ which are clusters of public spaces, schools, retail, multifamily units and mixed-use buildings where the young and old co-exist.” LTC Comment (from Stephen A. Moses, President,
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Categories: Industry News and Long-Term Care.

“Elderly Americans Plagued By Fraud, Survey Finds”

 “Elderly Americans Plagued By Fraud, Survey Finds,” Advisor Magazine “As millions of Americans retire over the next decade, financial crimes and abuse against the elderly are occurring at an alarming rate, according to the results of a survey released today by the Cooperative Credit Union Association (CCUA), a trade group representing not-for-profit credit unions. . . . Sixty-seven percent of those identifying themselves as a caretaker reported an elder being targeted with fraud; more than a quarter of elders, at 28%, had also fallen victim to at least one financial scam.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term
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Categories: Industry News and Long-Term Care.

“How Can We Keep People Out of Nursing Homes?”

“How Can We Keep People Out of Nursing Homes?,” by Emily Gurnon, Next Avenue “If you are hospitalized at age 65 or older, there is a one in five chance you will be discharged to a nursing home. If you’re lucky, your stay in the nursing home will be relatively short — fewer than 100 days. Whether or not that happens, however, may depend on the state you live in. Certain states — like Minnesota, Maine, Oregon and Connecticut — have implemented policies that lower the chances of getting ‘stuck’ in a nursing home, said Wendy Fox-Grage, a senior strategic
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Categories: Industry News and Long-Term Care.

In-Force Rate Action Announcement: Washington DC (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 DC has now allowed the following increase: Washington DC Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods PCS II 10% 10%       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 of
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Oklahoma (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. Oklahoma has now allowed the following increase: Oklahoma Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods Pre-PCS 10% 10% PCS I 10% 10% PCS II 10% 10%       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
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Arkansas (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. Arkansas has now allowed the following increase: Arkansas Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods Pre-PCS 25% 25%% PCS I 25% 25% PCS II 25% 25%       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
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Washington DC (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. Washington DC has now allowed the following increase: Washington DC Product Series Increase Percentage Privileged Choice 10% Classic Select 10%     This rate increase applies to both AARP and Non-AARP policies. 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 October 24, 2017 and will continue
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: South Carolina (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. South Carolina has now allowed the following increase: South Carolina Product Series Increase Percentage Privileged Choice 20% Classic Select 20%     This rate increase applies to Non-AARP policies only. 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 October 24, 2017 and will continue throughout the
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Categories: Genworth, Industry News, and Long-Term Care.