Using a financial advisor to help you plan for retirement can be a great choice: it can help you get a better grasp on your finances, understand specific goals and targets for savings, and provide you with information that you otherwise might not know.
The Connecticut Department of Insurance has rejected more applications for Long Term Care Insurance rate increases, this time for MetLife Insurance Company of Connecticut.
MetLife in Connecticut
MetLife submitted applications for 13 separate rate increases on Long Term Care Insurance policies in the state of Connecticut.
Several of the top Long Term Care Insurance companies have been forced to raise premium rates in the past few years due to a number of factors. Amidst all the rate increases, some policyholders have been less than pleased, but others have taken it in stride, recognizing that there is indeed a good reason behind the increases.
Every one plans for retirement. Whether it’s saving money to retire, planning to retire part-time and use your newfound time to engage in some old hobbies, or simply dreaming about your life of leisure to come once you leave the workforce, it’s safe to say all workers plan for retirement in one way or another. Unfortunately, most workers overlook some vital aspects of planning.
Genworth President and CEO Tom McInerney is reaffirming the company’s commitment and new approach to the Long Term Care Insurance industry.
Confident in Market
In a recent short video, McInerney spoke of the excitement within Genworth about the Long Term Care Insurance business and their confidence moving forward after completing their in-depth review of the industry in 2013.
Premiums for CalPERS Long Term Care Insurance products are set to increase next year, and many policyholders have already responded to the increases by cutting their coverage.
A rate hike of 5-85% will take place in 2015 and 2016 for members of the California Public Employee Retirement System.
After months of focusing on cutting costs, Genworth Financial (GNW) reported their 4th quarter earnings today. The company saw an increase in profits and overall positive results during the quarter.
4th Quarter Profits
Genworth’s 4th quarter profits rose 24%, with a reported net income of $208 million, compared to a net income of $168 million in the 4th quarter of 2012.
Genworth President Tom McIrney held a conference call on Wednesday to discuss the company’s plans for the future of their long term care insurance unit.
After McIrney joined Genworth in January, he promised an internal review of the Genworth long term care insurance unit and a summary of that review in the coming months.
Joining the ranks of numerous other long term care insurance providers, Manulife announced last week that they will be seeking rate increases on policies. Executives at the company discussed the upcoming move in their third quarter earnings call on Thursday.
With the Affordable Care Act’s new health exchanges open, questions are swirling about what exactly is covered under the newly offered insurance policies and what they cost. Something important to keep in mind about the new law is that health insurance, even that provided under the Affordable Care Act, does not cover the cost of long term care.