With the widespread availability of genetic testing, especially in direct-to-consumer forms, there is a growing concern about the privacy of that information and whether it can be used by insurers to underwrite policies for certain lines of insurance. Federal law provides a base amount of protection through the Genetic Information Nondiscrimination Act (GINA), which prohibits discrimination based on genetic information in both the health insurance and employment context. However, GINA does not apply to life, disability or long-term care insurance. With such limited federal protections, individual states are left to provide greater protections if they wish to.
The Society of Actuaries concluded its 4th Long-Term Care (LTC) Medical Symposium on December 2, 2021. The Symposium historically features professionals and experts from outside of the LTC insurance industry to provide insight into the external forces shaping the delivery of LTC in the US, with an eye towards how LTC insurers may pay future claims. Over the past 3 years the Symposium has featured a broad array of professionals such as gerontologists, neurologists, facility managers, nurses, demographers, biologists, economists, investment managers, and more. See the 2018, 2019, and 2020 Symposia write-ups for more information.
As we continue to grapple with the effects of COVID-19 across the country, many Americans believe it is now more important than ever for people to have a long-term care (LTC) plan (88%) and LTC insurance (86%), per the 10th Annual Nationwide Retirement Institute® Long-term Care survey released in mid-November.
However, nearly half of adults across all age groups (45%) say they have not had a conversation about LTC planning with anyone and only 8% have spoken about it with a financial professional. Moreover, industry data show that only 15% of Americans (mostly older consumers) have purchased LTC insurance. The survey also revealed that many adults misunderstand what products actually provide LTC coverage because 25% of adults self-reported that they own a LTC insurance policy. Millennials are the most likely to claim that they currently own LTC insurance (39%), but most say that they bought the insurance at work, evidencing a likely misconception among adults confusing long-term disability insurance with LTC insurance. The survey thus highlights in multiple places the trend of the disparity between knowing the importance of preparing for LTC needs, and actually preparing for those needs.
The 2021 virtual Intercompany Long-Term Care Insurance Conference Association (ILTCI) wrapped up this week after three weeks and 48 sessions dedicated to the LTCi industry. The conference, the largest multidisciplinary long-term care conference in the U.S. included weekly Tuesday and Thursday sessions from April 13-29.
Faegre Drinker is a proud sponsor of the upcoming Intercompany Long-Term Care Insurance Conference Association (ILTCI) virtual event. The conference, the largest multidisciplinary long-term care conference in the U.S., kicks off Tuesday, April 13 with a general session followed by sessions every Tuesday and Thursday through April 29.
Several of our insurance professionals, along with many other LTCi community insiders, will be speaking this year on topics ranging from litigation, to aging in place, to rate increase innovations. Here is a brief look at the panels we will be joining:
Genworth and China Oceanwide Holdings Group recently announced that they have not extended a December 31, 2020 “end date” to finalize a proposed merger agreement. Genworth also held an investors call on January 5, 2021 that addressed, in part, the status of the China Oceanwide Holdings Group merger. While the merger agreement remains in effect, Genworth is shifting its focus toward a contingency plan.