All posts by Erica Drake

Genworth and China Oceanwide Merger Update

Some may be aware that one of the largest providers of long term care insurance, Genworth Financial, is currently amid a merger with China Oceanwide.  Genworth Financial Group and China Oceanwide Holdings Co. Ltd. recently agreed to extend the deadline of their merger until July 1, 2018 in hopes of achieving government approval.  The merger was announced in 2016 when Oceanwide offered to pay $2.7 billion for the American insurance company. This past March, the Australian regulators approved the deal moving it a step forward in addition to previous approvals from regulators in the states of South Carolina, North Carolina, Virginia, and Vermont.

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The Oldest Living American – Living to be a Supercentenarian

What does it take to be a supercentenarian in the United States? You earn the title of supercentenarian when you’ve lived to be at least 110 years old after surpassing centenarian status (living to age 100). There have been over 700 validated claims of American supercentenarians by the Gerontology Research Group.

As of January 20, 2018, the oldest living American is Delphine Gibson, born August 17, 1903 in South Carolina. She has lived 114 years, 156 days, and is still going strong. The next runner-up is Lessie Brown who was born September 22, 1904 in Georgia and has lived 113 years and 120 days. There are currently 52 living American supercentenarians with 1 emigrant supercentenarian living in Spain. Continue reading

Planning for Health Care in Retirement – Are You on the Right Track?

Are you planning for health care costs during retirement? If so, you may be like most people who are underestimating these expenses.

While Medicare Part A coverage is free for those who qualify, it only covers a portion of hospitalization. Other Medicare coverage is not free such as Medicare Part B, supplemental insurance, or prescription plans. In addition, you should consider other out-of-pocket health care costs when planning your retirement budget. It’s estimated Medicare will only cover 50-60% of your health care needs. The premiums and out-of-pocket costs will only continue to go up as time goes on.

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New Study on Caregiving and Its Impacts

Transamerica Institute is featuring a new study on The Many Faces of Caregivers: A Close-Up Look at Caregiving and Its Impacts. They surveyed over 3,000 non-professional family caregivers around the country to offer a better understanding of a caregiver’s duties. The study included the impact of caregiving on a person’s personal health, well-being, finances, employment, and preparations for retirement.

The research offers an in-depth analysis of caregivers by employment status, gender, generation, ethnicity, household income, whether they are the primary caregiver, and whether they volunteered to be a caregiver or not. Also included was information about their personal health and financial situation.

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A Look at the Rising Cost of Long Term Care

Genworth Financial recently released their annual 2017 Cost of Care Survey Findings. For 14 years, Genworth has examined and documented trends across the long term care services market. It’s not surprising that their results have found the costs for care services steadily rising over the years for home care, nursing home care, and everything in between.

To help you digest their new 2017 survey report, we’re providing an overview of their findings based on the national median rates for various care settings.

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