Genworth Financial which was a former spin off of the Great America company General Electric (GE) rolled out their next generation of their company’s flag ship product, Genworth Long Term Care Insurance, yesterday to much industry anticipation. Genworth Long Term Care Insurance is the pioneer of the Long Term Care Industry which began in 1974. There had been talk that Genworth Long Term Care Insurance division was going to be eliminated or sold off but it seems they are doubking down on their Genworth Long Term Care Insurance array of products.
The new Genworth Long Term Care Insurance product that was launched on July 21, 2015 or 07/21/2015 will be about 10% less thatn the previous generation of products. The new product is called Genworth Long Term Care Insurance Privileged Choice Enhanced. When have you ever seen an insurance company lower rates?? This is exactly what GNW did, lower prices. How did they do this?
A company called Compare Long Term Care Insurance (http://www.comparelongtermcare.org/genworth) did a study on the new pricing and estimated they were able to achive the lower price because they now filter out gender from their risk assessment. They use to charge men and women the same price for the same benefits if they were the same age, but now single women pay about 50% more as that demographic is the highest risk to the company. We’ll keep our eye on any more changes to Genworth long term care insurance products and report back.
At Shop Confederacy we aim to track Great America companies like Genworth and study how they grow and prosper. This Genworth Long Term Care Insurance product really appeals to our American roots in that it’s the ultimate in self-reliance. America was founded on people taking responsible for they own fait and NOT depending on the government to bail them out. Receiving Long Term Care in a nursing home can be expensive and pushing that cost onto your fellow neighbor and tax payer is anti-American.