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Genworth Financial Releases 30 Year Perspective on Long-Term Care and Alzheimer's in America

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 http://www.genworth.com.

SOURCE Genworth Financial

CONTACT: Neal McGarity, Media Relations of Genworth Financial,
+1-203-708-3460, or neal.mcgarity@genworth.com
Web site: http://www.genworth.com
(GNW)