Research Also Reveals 70% of Americans Have No Long Term Care Plans
WASHINGTON, Nov. 6 /PRNewswire-FirstCall/ -- To focus attention on the
growing impact long term care has on American families, the U.S. House of
Representatives has for the first time issued a resolution proclaiming its
support for national Long Term Care Awareness Week (Nov. 4 - 10).
Genworth Financial -- one of the nation's leading providers of individual
long term care insurance* -- is among several long term care insurers actively
participating in this industry-wide awareness campaign. During its annual LTC
symposium held last month, Genworth Financial released the results of a new
poll examining how voters feel about long term care issues as they relate to
the upcoming presidential election.
According to the new bi-partisan national survey conducted by Public
Opinion Strategies (POS) and The Mellman Group, nearly seven in 10 Americans
have not made any plans for their own, a spouse's or another relative's long
term care needs. Yet, more than half those surveyed have had a loved one who
needed some form of long term care. The poll also found that close to 80
percent of the respondents want to see long term care included in the
healthcare proposals offered by the presidential candidates. More than 80
percent of those surveyed also said that positions on long term care funding
will be an important factor in deciding who to vote for in the 2008 election.
Genworth Financial also has published a new book on the future of long
term care in America, written by leading experts, which discusses America's
current long term care system and the challenges it will face as 78 million
Baby Boomers age.
"This new book will hopefully encourage more people to think seriously
about how their families would manage through a long term care situation,"
said Buck Stinson, president of Genworth Financial's long term care insurance
A single year of long term care in a facility can cost more than some
household's income, according the Genworth's 2007 Cost of Care Survey. This
study found that a single year in a private nursing home room in 2007 costs on
average $74,806 nationally. Meanwhile, the median household income in the
United States is $46,272.
Home care, which is where the vast majority of long term care is provided,
costs more than most people may realize. The survey also found that the
average hourly rate for a certified and licensed home health aide is $25.47
per hour, a cost that adds up to $52,977 per year for a 40-hour work week. A
separate Genworth survey released in April found that 44 percent of Americans
incorrectly believe that Medicare or their private health insurance pay for
long term care.
The book, The Future of Long Term Care in America: Views and
Recommendations by Prominent Experts, is composed of 10 chapters, each written
by a different author such as AARP CEO Bill Novelli, former Congressional
Budget Office Director Douglas Holtz-Eakin, American Health Care Association
President and CEO Bruce Yarwood and National Alliance for Caregivers President
and CEO Gail Hunt. It covers a wide range of long term care issues and is
intended to inform policymakers, academics, financial advisors and consumers
about the challenges associated with today's long term care system in meeting
the demands of the aging Baby Boom generation. It also explores policy
options that policymakers might consider.
The book is available at Genworth.com/FutureofLTC. It also may be ordered
online for approximately $5 per copy on BarnesandNoble.com, Amazon.com and
"Today's model for long term care simply will not sustain the need for
services in the future," said Stinson. "Currently, without private insurance,
the only other choice for a family is to pay out of pocket, potentially
spending every dollar saved for retirement until they are destitute and can
qualify for state assistance. Our research tells us that people want more
options and they want their government to be a partner in the process.
Voters clearly want their next President to make long term care a national
* LifePlans 2006 Long Term Care Individual and Group Association Top
Writers Survey Results. Based on number of individual policies sold and
individual annualized premium inforce. Long term care insurance is
underwritten by Genworth Life Insurance Company and in New York, Genworth Life
Insurance Company of New York.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading financial security
company meeting the retirement, longevity and lifestyle protection, investment
and mortgage insurance needs of more than 15 million customers. It has a
presence in more than 25 countries. For more information, visit genworth.com.
SOURCE Genworth Financial, Inc.
CONTACT: Tom Topinka of Genworth Financial, Inc., +1-804-662-2444
Thomas.firstname.lastname@example.org; Brian Berry, +1-202-777-3524, email@example.com
for Genworth Financial, Inc.
Web site: http://www.genworth.com