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[…]
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[…]
John Hancock Sees Increase in Long Term Care Insurance Sales
The insurance provider John Hancock reported positive 4th quarter results for their long term care division, including an increase in sales.
John Hancock 4th Quarter Results
Manulife, better known as John Hancock in the United States, released its 4th quarter earnings recently and showed an uptick in sales of Long Term Care Insurance, indicating positive changes ahead for the company.
The company as a whole reported $138 million in net income in the 4th quarter of 2013, compared to $148 million in the same quarter of the previous year. Manulife also reported $282 million in total revenue, compared to a much higher[…]
Unum Applies for Long Term Care Insurance Rate Increases in Connecticut
A Long Term Care Insurance provider recently applied for rate increases in the state of Connecticut.
Unum
Two divisions of Unum are seeking premium hikes for certain Long Term Care Insurance policies. Provident Life and Accident Company is one of them. They are asking for an increase of 65% of certain policies sold within the state between 2003 and 2009. The rate hike will apply to 260 individual policies.
Like many other companies, Unum and its subsidiaries have been faced with the increasing cost of health care, paired with the higher than expected claims rates.
Many Long Term Care Insurance providers have been forced[…]
Pennsylvania Governor Creates Long Term Care Commission
The state of Pennsylvania is moving forward in its effort to address the growing issue of long term care. Governor Tom Corbett signed an executive order on Friday, officially creating the Pennsylvania Long Term Care Commission.
Long Term Care Commission
Several months after the original proposal of Healthy Pennsylvania, the commission will begin their work. The Healthy Pennsylvania plan was suggested to help curb the financial strain placed on the state Medicaid program and help integrate the long term care system. The plan faced heated opposition, though, mainly from Democrats who viewed it as a gutting of Medicaid. Amidst all the[…]
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