RICHMOND, Va., Aug. 17 /PRNewswire-FirstCall/ -- Long term care costs in
Kentucky continue to rise at a rate outpacing inflation in much of the state,
putting significant financial pressure on those in or near retirement. As a
leader in the long term care insurance industry, Genworth offers a suite of
insurance products to help people proactively plan for their future. Now, AARP
members that reside in Kentucky can take advantage of a new program designed
to simplify the process of purchasing affordable long term care insurance.
Genworth Financial, Inc. (NYSE: GNW) 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 combining its
unique expertise in the area of the long term care insurance product with what
it has learned about AARP's demographic. 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
reflect membership demographics. All plans include the option of home care,
assisted living and nursing home services along with flexible features
designed exclusively for AARP members. Also included is no-cost access to
Genworth's Privileged Care Coordinators who assist policyholders and their
families 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 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 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. Earlier this 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
Kentucky residents can also take advantage of Kentucky's Long Term Care
(LTC) Partnership, an alliance between the private insurance industry and the
state government to help Kentucky residents plan for future long term care
needs without depleting all of their assets to pay for care. The combination
of benefits offered by Genworth's LTC insurance products and the Partnership
Plan provide Kentucky residents with financial incentives to take proactive
measures to help protect themselves and their families from the growing costs
of long term care.
"Two-thirds of people over age 65 will need long term care in their
lifetimes," said Buck Stinson, president, insurance products at Genworth
Financial. "The current economic downturn has depleted the nest eggs of many
Kentucky 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 the largest underwriter of long term care
insurance for more than one million policyholders, Genworth 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 2009 Cost of Care Survey conducted by
CareScout, the annual cost for a private nursing home room in the U.S. is
$74,208, or $203 per day. In Kentucky's largest cities surveyed, this cost has
risen 2 percent in Louisville, 10 percent in Lexington and 7 percent in
Owensboro. The median annual cost for a private nursing home room ranges from
$63,875 to $72,818 in Kentucky, with Owensboro registering the highest cost.
The annual cost in Louisville is $66,613 and $67,525 in Lexington.
"Long term care planning is a key consideration as you prepare for your
retirement needs," continued Stinson. "For a few dollars now, families can
potentially save thousands of dollars later should they have a long term care
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.
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 global financial
security company. Genworth has more than $100 billion in assets and employs
approximately 6,000 people with a presence in more than 25 countries. Its
products and services help meet the investment, protection, retirement and
lifestyle needs of more than 15 million customers. Genworth operates through
three segments: Retirement and Protection, U.S. Mortgage Insurance and
International. Its products and services are offered through financial
intermediaries, advisors, independent distributors and sales specialists.
Genworth Financial, which traces its roots back to 1871, became a public
company in 2004 and is headquartered in Richmond, Virginia. For more
information, visit genworth.com. From time to time Genworth releases important
information via postings on its corporate website. Accordingly, investors and
other interested parties are encouraged to enroll to receive automatic email
alerts and Really Simple Syndication (RSS) feeds regarding new postings.
Enrollment information is found under the "Investors" section of genworth.com.
Long term care insurance is underwritten by Genworth Life Insurance
Company, and in New York, Genworth Life Insurance Company of New York,
Administrative Offices: Richmond, Virginia. Coverage may not be available in
AARP is a nonprofit, nonpartisan membership organization that helps people
50+ have independence, choice and control in ways that are beneficial and
affordable to them and society as a whole. AARP does not endorse candidates
for public office or make contributions to either political campaigns or
candidates. We produce AARP The Magazine, the definitive voice for 50+
Americans and the world's largest-circulation magazine with over 34.5 million
readers; AARP Bulletin, the go-to news source for AARP's 40 million members
and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication
dedicated exclusively to the 50+ Hispanic community; and our website,
AARP.org. AARP Foundation is an affiliated charity that provides security,
protection, and empowerment to older persons in need with support from
thousands of volunteers, donors, and sponsors. We have staffed offices in all
50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
About AARP Services Inc.
AARP Services Inc., founded in 1999, is a wholly-owned taxable subsidiary
of AARP. AARP Services manages the provider relationships for and performs
quality control oversight of the wide range of products and services that
carry the AARP name and are made available by independent providers as
benefits to AARP's almost 40 million members. The provider offers currently
span health products, travel and leisure products, and life event services.
Specific products include Medicare supplemental insurance; member discounts on
rental cars, cruises, vacation packages and lodging; special offers on
technology and gifts; pharmacy services; legal services; and long-term care
insurance. AARP Services also engages in new product development activities
for AARP and provides certain consulting services to outside companies. In
2005, AARP Services founded AARP Financial Inc., a wholly-owned taxable
subsidiary that manages the provider relationships for and performs quality
control oversight for the financial products that carry the AARP name,
including credit cards, auto and home, mobile home and motorcycle insurance,
and life insurance and annuities. AARP Financial also provides access to
proprietary investment products and services, including mutual funds and
financial guidance, designed to meet the needs of investors at any life stage.
SOURCE Genworth Financial, Inc.
CONTACT: Yokima Cureton of Genworth, +1-804-662-2598,
email@example.com; or Elly Spinweber of AARP, +1-202-434-2560,
Web Site: http://www.genworth.com