Genworth CEO Discusses Future of Long Term Care Insurance Industry
Thomas J. McInerney, the President and CEO of Genworth Financial, spoke recently about the current status and future of the Long Term Care Insurance industry.
Long Term Care Insurance Conference
McInerney presented at the annual Intercompany Long Term Care Insurance conference (ILTCI) in Orlando, Florida on March 18th. He discussed the challenges carriers are facing at the moment and his thoughts on the best way to move the market in a positive direction at such a crucial turning point in the industry. Though his presentation isn’t available to view, Genworth posted a copy of his notes for the event,[…]
Connecticut Rejects Unum’s Request for Long Term Care Insurance Rate Increases
The Connecticut Insurance Department has rejected a unit of Unum’s application for rate increases on certain Long Term Care Insurance policies throughout the state.
Application for Increase
UNUM Life Insurance Company of America, a unit of Unum Group Corporation, applied for a rate increase averaging 45% on their group policies in effect in Connecticut. Their original request cited the need to ensure “policies remain priced at an appropriate level to meet our future claims obligations.” Those group policies are no longer for sale, as the unit left the group Long Term Care Insurance market in 2012, but 2,217 Connecticut residents still have[…]
Investor Optimism Rises, Outlook of Retirees Improves
Investor optimism is rising and it’s mainly owed to the improved outlook of retirees, according to a new survey.
Survey Details
The Wells Fargo/Gallup Investor and Retirement Optimism Index found that investor optimism rose 12 points in the first quarter of 2014, up to +37 in February from +25 in November 2013. The big jump is thanks to growing positivity among retirees who are feeling more confident about the future of their retirement income.
The index survey included interviews of 1,011 investors between the dates of February 6 and February 16 this year. For this survey, people considered investors are adults in households[…]
Utah Legislature Passes Bill to Create Long Term Care Insurance Partnership Program
The state of Utah is posed to pass a bill that helps incentivize the purchase of Long Term Care Insurance and prepare state residents for the risk of long term care.
Senate Bill
S.B. 14 was sponsored by Senator Todd Weiler (R- Woods Cross) and introduced in the Senate on January 27th. The bill authorizes the Department of Health to set up a Long Term Care Partnership Plan for the state of Utah. It passed in the Senate on February 10th and in the House on February 26th. S.B. 14 is now awaiting the signature of Utah Governor Gary Herbert.
The bill isn’t[…]
Pennsylvania Long Term Care Commission Holds First Meeting
The Pennsylvania Long Term Care Commission met for the first time last week to sort out the details of their agenda for the year.
Pennsylvania Long Term Care Commission
On Monday, March 7, the Secretary of Public Welfare Beverly Mackereth and Secretary of Aging Brian Duke met with the other 23 members. The gathering was an organizational meeting to decide future meeting dates and locations and any other necessary information before they begin their work as commissioners.
Governor Tom Corbett created the Pennsylvania Long Term Care Commission on January 31, 2014 via executive order as part of his Healthy[…]
Long Term Care Providers Protest FDA’s Decision to Reclassify Hydrocodone Medications
Long term care providers are speaking out against a recent decision by the FDA to reclassify certain pain medications across the nation.
Reclassifying HCPs
Vicodin and similar painkillers are being reclassified from Schedule III drugs to Schedule II drugs, according to a proposal in the February 27 Federal Registrar, also known as the Daily Journal of the United States Government. Officials say these drugs have reached abuse levels that equate to an epidemic, which requires addressing.
Despite the widespread abuse, though, the hydrocodone medications also provide necessary pain relief to many kinds of people, including those in nursing homes suffering from long term[…]
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