Genworth Financial Inc (GNW) To Give Option for Picking Medical Premium

Recently, Genworth Financial Inc (NYSE:GNW) has taken an initiative to create awareness among the Americans about the health care needs, particularly, long term, which is mostly sidelined by them. The company’s Chief Executive Officer, Tom Mclnemey discussesd in an interview on Bloomberg TV about the importance of the long term care and investor John Paulson‘s proposal to break the company into two parts, during an interview with Bloomberg.

Genworth Financial Inc (NYSE:GNW)

Mclnemey said that the lack of longterm insurance among Americans has less to do with the financial crisis, but more of demographics. He stated that 10 million baby boomers are turning 65 everyday and that is going to continue till 2030, but still less than 10% of Americans have long term insurance.

“I think, it is a multiple problem, low rates and obviously healthcare costs are exploding for long term care. Today the average cost around the country for a private nursing home room is $87,000, it is growing over 4%. So in another 15-16 years, it would double.”

He added that a neglgible percentage of Americans really have any savings close to that. Mclnemey suggested that in order to bridge the gap, it is important for the citizens to start initiating talks within their family and earmark required funds towards this goal.

Genworth Financial Inc (NYSE:GNW) is driving its energy towards long term care awareness among Americans at a time when, giant competitors made an exit from the business on account of negligible profitability. When asked about the need of government regimen in place for the industry to work, Mclnemey replied that people in America depend way too much on formal Medicare or affordable Medicare, which actually does not have long term care. He said that Genworth Financial Inc (NYSE:GNW) is launching a product in July, where customers will be allowed to pick medical premiums, they could afford to buy.

Finally, when being asked about whether he would agree with investor and hedge fund manager, John Paulson to split Genworth Financial Inc (NYSE:GNW)’s business into two separate mortgages, Mclnemey said, “At this point no”, adding that there is a lot of space for improvement in both businesses.

Disclosure: none

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!