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As the only representative of a long term care insurance carrier asked to testify at the hearing, Stinson addressed Chairman Herb Kohl (D-WI) and members of the committee about the Confidence in Long Term Care Insurance Act, which aims to improve consumer protections for purchasers of long term care insurance. Stinson noted that Genworth Financial "wholeheartedly appreciates the intent of this legislation, which suggests to us a profound recognition by the federal government of the important role of private long term care insurance."
He added: "We support the Chairman's efforts to ensure adequate oversight and monitoring of the private market and its state regulators to continue to promote consumer confidence as the market fulfills its obligation to protect consumers when they purchase a policy and at the moment of truth, when they need to access their policy benefits."
Stinson also highlighted the effectiveness of the State Partnerships for Long Term Care Program, which allows individuals to purchase a long term care insurance policy and qualify for Medicaid benefits without depleting all of their assets. "This program is a true win-win," Stinson said, "as consumers are afforded a first layer of protection through a private insurance policy with the flexibility and choice it offers, backed by the state Medicaid program should they exhaust the benefits of their private policy and otherwise qualify for Medicaid benefits.
"Monitoring the continued success of the State Partnerships Program, expanding the National Clearinghouse for Long Term Care's Own Your Future program, and working closely with the NAIC are all activities that Genworth supports," Stinson said.
Buck Stinson's testimony is available at genworth.com/answers.
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
Long term care insurance is underwritten by Genworth Life Insurance Company, and in New York, Genworth Life Insurance Company of New York, Administrative Offices: Richmond, Virginia. Not all policies are available in all states.
SOURCE Genworth Financial, Inc.
http://www.genworth.com
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