Thursday In Harrisburg
Regis Niederberger and his wife obtained 'long term' care insurance policies more than fifteen years ago as they watched skyhigh costs of nursing homes drain some savings older relatives who didn't have the coverage. Genworth is seeking rate increases between 33 percent and 130 percent, relying upon the policy. As indicated by Insurance state Department, the increases could affect 27,500 policyholders in the state. 
Miller is concerned about the rate size increases and the effect on ratepayers, the Insurance and said Ron Ruman Department's spokesman. I'm sure you heard about this. Her 1-st priority is to ensure businesses remain solvent and are able to pay their claims, he said. That's not good for anybody, you do not want an entrepreneur to turned out to be insolvent. The Insurance Department has granted rate hikes to more than 2 dozen insurance carriers, since 2014. In any case, most increases were in the fifteen percent to 20 percent range and affected policies held by nearly 117,000 folks.
Genworth is the few insurers to remain in the longterm care insurance market. As reported by the Insurance Department, twenty one firms have requested rate increases in Pennsylvania no longer sell modern policies in the state. As pointed out by a 2015 report from the administration Accountability headquarters, about half of merican households with at least one individual 55 or older has no retirement savings. Now regarding the aforementioned reason. For guys with savings, the median amount was 104,000, the GAO searched for.
Medicare, the country management's soundness insurance blueprint for seniors, doesn't cover 'long term' care. Matter of fact that mostly after a person's savings and assets were drained, mostly Medicaid. Will pay for nursing home stays. Alex Nixon is a Tribune Review staff writer. Reach him at '412 320 7928' or anixon@tribweb. 
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