“Genworth Says It Needs $6 Billion in Additional LTCI Rate Hikes,” by Allison Bell, ThinkAdvisor

“Executives from Genworth Financial Inc. said Wednesday that the company’s Genworth Life Insurance Company (GLIC) unit could see its solvency level deteriorate if state insurance regulators fail to approve $6 billion in additional long-term care insurance (LTCI) rate increases.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

When will we see a similar announcement from the biggest (social) insurance carrier? To wit: “Executives from the U.S. Government said Social Security and Medicare solvency will collapse without massive payroll deduction increases.” Don’t hold your breath.