Report Underscores Importance of 'Ronald Reagan Alzheimer's
Breakthrough Act' Legislation Reintroduced Today
RICHMOND, Va., March 10 /PRNewswire-FirstCall/ -- Applauding the
reintroduction of the "Ronald Reagan Alzheimer's Breakthrough Act" by Senator
Kit Bond (R-MO) and Senator Barbara A. Mikulski (D-MD), Genworth Financial
(NYSE: GNW) today released a comprehensive study highlighting its insights and
analysis of major trends related to Alzheimer's Disease.
Among its policyholders, Genworth has found that the cost of claims for
the care of individuals suffering from Alzheimer's disease and other forms of
dementia has grown to nearly forty cents of every dollar paid out to
healthcare providers and caregivers.
The findings in the report were drawn from data Genworth has collected
over the past 30 years as a leader in the long term care industry, as well as
information released by third-party organizations including the Alzheimer's
Association, the Alzheimer's Health Assistance Foundation and the National
Institute on Aging.
Senator Bond, referring to Genworth's report at an Alzheimer's press
conference in Washington today said, "This study gives one more compelling
reason why we must act now to combat this devastating disease."
"The Ronald Reagan Alzheimer's Breakthrough Act" calls for doubling the
funding for Alzheimer's research at the National Institutes of Health,
providing critical relief for caregivers and launching a public education
campaign focused on research developments and prevention.
According to Genworth's report, despite several promising advances, if
there are no breakthrough treatments or new findings on preventative measures,
Alzheimer's disease alone threatens to bankrupt the healthcare system. This
finding has serious implications for individuals and families planning for
their future, as well as the healthcare industry.
The full report is available at http://www.genworth.com.
"Our hope is that this report and the legislation reintroduced today will
serve as a wake-up call for every American," said Buck Stinson, president of
Genworth Financial's long-term care insurance division. "Although the data in
our report clearly reflects progress toward more accurate diagnosis and
greater treatment options, it also illustrates the financial ramifications
facing the government, healthcare industry and aging population, and the need
for planning and preparation."
The cost of care for cognitive diseases such as Alzheimer's is staggering
for both patients and caregivers. According to the Alzheimer's Association,
an estimated 4.5 million Americans have the disease. As the population
continues to age and approach retirement, demand for long-term care is driving
up costs for nursing homes, assisted living and home care. The average cost
of long-term care in the United States across all services categories was
$72,240 in 2004, according to Genworth's annual "Cost of Care Survey".
(available at http://www.genworth.com)
"To help people better understand their options when it comes to financing
long-term care, all parties, including caregivers, health professionals,
advocates, policy makers and those in business must cooperate," added Stinson.
Genworth released its report to educate the public about the serious reality
of cognitive diseases.
In addition to releasing the report, Genworth has worked closely with
Alzheimer's Association to raise awareness and assist in research. Over the
last five years, Genworth and its agents have raised more than $3 million for
the Alzheimer's cause.
"Cooperation among businesses, private organizations and the public sector
is essential for the advancement of Alzheimer's research," said Sheldon
Goldberg, president and CEO of the Alzheimer's Association. "Together, we can
continue to provide care and treatment options today while working to discover
cures and methods of prevention for tomorrow."
About Genworth Financial
Genworth Financial (NYSE: GNW) is a leading insurance holding company,
serving the lifestyle protection, retirement income, investment and mortgage
insurance needs of more than 15 million customers, with operations in 20
countries, including the U.S., Canada, Australia, the U.K. and more than a
dozen other European countries. Genworth is the leading provider of long-term
care insurance in the United States. For more information, visit
SOURCE Genworth Financial
CONTACT: Neal McGarity, Media Relations of Genworth Financial,
+1-203-708-3460, or firstname.lastname@example.org
Web site: http://www.genworth.com