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Newt Gingrich Calls for 'Big Solutions' at Genworth Financial National Long Term Care Symposium; Sen. Stabenow Underscores Need for Public-Private Partnerships

In Washington National Town Hall Meeting, Long Term Care's Effect on Women, New Longevity Challenges Emerge as Key Issues

WASHINGTON, Sept. 20 /PRNewswire-FirstCall/ -- Former House Speaker Newt Gingrich, speaking at a national long term care symposium hosted by Genworth Financial in Washington today, said, "Millions of Baby Boomers want 'lifetime living' rather than long term care. The length of life is accelerating, and there are consequences. We need big solutions to come up with pro family and pro caregiver policies. And Baby Boomers will demand choice when it comes to active, healthy aging."

Genworth Financial, the leading provider of long term care insurance, hosted the national long term care symposium in Washington with the objective of bringing together elected officials, researchers, caregivers, media observers and business leaders to discuss one of the most serious issues facing America -- the costs and challenges of long term care.

Sen. Debbie Stabenow, (D-MI) told attendees, "When it comes to the future, we can create a health care system to meet all of our needs, and it must include long term care solutions. Through public-private partnerships, we can harness the power of families, the private sector, and government to meet the enormous long term care challenges ahead." Sen. Stabenow noted that less than 10 percent of Americans have purchased long term care insurance, and she indicated that 16 million women are home caregivers -- more than the population of her home state of Michigan.

A panel moderated by Susan Dentzer of PBS' "NewsHour with Jim Lehrer," featured other prominent symposium participants, including Meryl Comer (a caregiver and former TV journalist), former director of the Congressional Budget Office Douglas Holtz-Eakin, and Kiplinger's personal finance columnist Mary Beth Franklin.

"Our hope is that today's impassioned, healthy debate on a wide range of long term care issues will spur more needed discussions examining public- private solutions as an integral part of America's evolving national long term care policy," said Buck Stinson, president of Genworth Financial's long term care insurance business. "This year alone, $129 billion will be spent on older individuals receiving paid care. And, as today's meeting underscored, women are bearing a disproportionate amount of the long term care burdens that are created by today's longer lifespans."

Genworth's benchmark annual "cost of care" study for 2006 found that the average national cost of a private nursing-home room had risen to nearly $71,000 a year. The study is available at genworth.com. Recent Genworth research indicated that there are about 23 million unpaid care providers in the U.S. Seven in ten are women.

About Genworth Financial

Genworth Financial, Inc. (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 24 countries. Genworth is the leading provider of long term care insurance in the United States. Long term care insurance is underwritten by Genworth Life Insurance Company and in New York by Genworth Life Insurance Company of New York. For more information, visit http://www.genworth.com.

SOURCE Genworth Financial, Inc.

CONTACT: Neal McGarity of Genworth, +1-203-708-3460 or
Neal.McGarity@genworth.com