A Long-Term Care Update

A Long-Term Care Update | Michael Fliegelman

{2:06 minutes to read} In the world of long-term care, there always seems to be a change on the horizon. Genworth, the largest carrier of long-term care insurance in America, reported a very large single quarter loss last year. The insurance company has just agreed to be purchased by China Oceanwide for $2.7 billion. (The agreement is in place but has yet to be approved by regulators.) We are now in a perfect-storm situation of low interest rates and increased life longevity, which makes it very challenging for traditional long-term care products to be price stabilized. In addition to the Genworth news, Lincoln, the largest provider of single-premium, hybrid-life, long-term care insurance announced rate increases in New York.

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