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|Source:||Investment Weekly News|
Long term care costs in California continue to rise, putting significant financial pressure on those in or near retirement. As a leader in the long term care insurance industry, Genworth Life Insurance Company (Genworth Life) offers a suite of insurance products to help people proactively plan for their future. Now, AARP® members that reside in California can take advantage of new coverage designed to simplify the process of purchasing affordable long term care insurance.
Genworth Life, a Genworth Financial company, today introduced My Future, My Plan(SM), a suite of long term care insurance plans created exclusively for AARP members. My Future, My Plan is the result of Genworth Life combining its unique expertise in long term care insurance with what it has learned about AARP’s membership needs. With My Future, My Plan, AARP members get access to industry-leading features while maintaining the ability to customize a plan that falls within their price range, meeting their lifestyle needs. In three simple steps, AARP members can choose one of three preselected long term care insurance plans, tailored to them and designed specifically to address their potential needs. All plans include the option of home care, assisted living/residential care and nursing home services along with flexible features designed exclusively for AARP members. Also included is no-cost access to Privileged Care® Coordination which assists policyholders at the time of claim in planning for their long term care.
AARP members have three easy options available to find out more about My Future, My Plan: by scheduling a free, no obligation “readiness review” with an “Authorized to Offer” Genworth Life insurance agent in person or by calling 800 565.0805, or by visiting genworth.com/aarp for more information about long term care insurance.
My Future, My Plan is one of many products Genworth Life has developed, reflective of American families’ varying and ever-growing long term care needs. The company also offers affordable long term care insurance solutions through independent financial advisors. Last year, the company launched a product suite to offer employers a practical way to provide affordable, comprehensive long term care coverage to employees and their families.
“Two-thirds of people over age 65 will need long term care in their lifetimes,” said Buck Stinson, President, U.S. Life Insurance Products at Genworth. “The current economic downturn has depleted the nest eggs of many California residents, making it more important than ever to plan ahead for future long term care costs.”
Helping American Families Through Education
As an industry pioneer and one of the largest underwriters of long term care insurance for more than one million policyholders, Genworth Life brings a strong commitment to solving our nation’s long term care challenges, a reputation for service and a longstanding history of product innovation.
Since 2005, the company has conducted an annual Cost of Care Survey to provide Americans with a clear understanding of the cost of long term care in their area. According to Genworth’s 2010 Cost of Care Survey conducted by CareScout®, the annual cost for a private nursing home room in the U.S. is $75,190, or $206 per day. In California, this cost has risen 4 percent statewide over the last five years. The median annual cost for a private nursing home room in the state of California is $87,345, and ranges from $53,655 in El Centro to $153,300 in the Santa Barbara – Santa Maria – Goleta area. Annual nursing home costs in the states’ largest metropolitan areas include $79,388 in Los Angeles County, $91,250 in the San Diego – Carlsbad – San Marcos area and $113,606 in San Francisco.
“Long term care planning is a key consideration as you prepare for your retirement needs,” continued Stinson. “By planning ahead, families can potentially save thousands of dollars later should they have a long term care need.”
To help families plan and have the right conversations at the right time, Genworth Financial has created the “Let’s Talk” national campaign, designed to provide families with the right resources, education and motivation to have valuable conversations and successfully plan for a long life. The centerpiece of the campaign is an interactive Web site (www.caringtalk.com), featuring downloadable long term care guides and information on: ways to break the ice with family members; helpful do’s and don’ts; and advice from people who have already been down this path.