Monday, December 23, 2024

The Cost of Long Term Care

Tue, 12 March 2024  |  healthcare 

According to Genworth's Cost of Care Survey 2023, the cost of long-term care services grew for all provider types and climbed more significantly for specific settings. The costs of homemaker services and home health aides saw the biggest expense increases. The primary causes of the rise in the cost of care services are inflation and the scarcity of qualified caregivers.

Since 2004, Genworth and CareScout, a fully owned subsidiary of Genworth Financial, Inc., have collaborated to perform the Cost of Care Survey. The survey was redesigned with improved methodology and new questions on ... Read More

Bank of America Patents Up 70% Over Five Years

Fri, 08 March 2024  |  technology 

Approximately 6,600 issued patents and pending patent applications represent a record year for Bank of America's patent portfolio, which has increased by 13% year over year and by nearly 70% since 2019. The corporation received a record 644 patents last year, up 54% from the total number of patents awarded in 2019. As a result, the business moved up the Intellectual Property Owners Association's Top 300 list of patent owners, from 75th to 64th place.

Aditya Bhasin, Chief Technology and Information Officer at Bank of America, said, "Technology helps us deliver world-class capabilities... Read More

Employees Are Still Not Ready for Unexpected Medical Expenses

Wed, 06 March 2024  |  financial wellbeing 

A recent survey conducted by New York Life Group Benefit Solutions among U.S. adults with employer-sponsored health insurance shows that many feel financially unprepared to handle medical costs. This financial burden has led some to delay care as a result, underscoring a widespread need for additional financial protection solutions.

Survey participants reported notable concerns when it comes to their ability to manage healthcare expenses. A substantial 72% of respondents expressed a desire for lower out-of-pocket healthcare expenses, reflecting the broader sentiment that healthcare co... Read More

Mortgage Affordability Gap Between Black and White Renters Narrowed During Pandemic

Mon, 26 February 2024  |  demographics housing 

The gap between the share of Black and white renting families that could comfortably afford a mortgage payment shrunk significantly during the pandemic, a new Zillow® report sho... Read More

Black Consumers Remain Optimistic About Their Financial Health

Thu, 15 February 2024  |  consumers economy 

While Black consumers frequently report facing numerous signs of financial stress, expectations that their financial health will improve far exceed that of consumers from other demographics, according to the results of a new survey by Achieve, a digital finance company.

Achieve surveyed Black Americans to understand the key financial pain points and goals facing this community and found that inflation and debt make it difficult for many to meet their financial goals. Black consumers reported having limited funds in their checking and savings accounts and many had expectations that the... Read More

Improving Financial Literacy Supports Retirement Wellness and Confidence

Thu, 15 February 2024  |  retirement financial wellness 

The American College of Financial Services 2023 Retirement Income Literacy Study finds that older Americans lack actionable retirement knowledge—averaging 31% on a retirement literacy quiz. The study reinforces the direct relationships that exist between financial literacy and factors such as asset level, as respondents with more than $1.5 million score twice as high as those with less than $100,000 (50% vs. 25%). The study also reveals the essential role financial professionals play in educating clients, as advised respondents have higher retirement income literacy ... Read More