Number one carrier in individual long term care insurance sales* offers
enhanced benefit to Ohioans through public-private approach
RICHMOND, Va., June 17 /PRNewswire-FirstCall/ -- Genworth Financial, Inc.
(NYSE: GNW) today announced its long term care division has launched the
newest addition to its portfolio of long term care planning solutions in Ohio
-- Partnership Qualified Long Term Care Insurance (Partnership plans). These
products, designed to augment individuals' financial security options during
retirement, are the result of an alliance between states and insurers to help
millions of Americans better prepare for potential long term care needs.
What's more, there are no added costs for residents to participate.
"Many Americans mistakenly believe that Medicare or private health
insurance will pay for their long term care needs, and that's just not true,"
stated Beth Ludden, Genworth's senior vice president for long term care
insurance product development. "Those purchasing a Partnership plan can be
assured that if and when the need for long term care arises, they will have
more control over their long term care decisions, and be able to help protect
their assets and resources should they ever need to access Medicaid."
Partnership plans provide dollar-for-dollar asset protection for
policyholders. For every benefit dollar policyholders receive under a
Partnership policy, they receive an equal dollar of asset protection under the
state's Medicaid spend-down requirements. As a result, participants are able
to retain assets that would otherwise have to be spent down prior to
qualifying for Medicaid benefits.
Long term care is an ever-increasing challenge for millions of Americans
and their families. According to the U.S. Department of Health and Human
Services (HHS) 70 percent of Americans who reach their 65th birthday will have
to pay for some kind of long term care services. With the average cost of care
for a private nursing home room topping more than $76,460 nationally and
rising for the fifth consecutive year according to Genworth's 2008 Cost of
Care Survey (genworth.com/CostofCare), Ohio residents are encouraged to plan
ahead for long term care events.
Ludden continued, "Genworth applauds the leadership in Ohio for empowering
its residents and is proud to have played a significant role in this endeavor.
We continue to work closely with state and federal regulators as well as key
industry trade groups to further expand Partnership programs across the
Additionally, Ohio has launched an "Own Your Future" long term care
awareness and planning campaign in conjunction with the U.S. Department of
Health and Human Services. Its primary goal is to educate the public about the
need for long term care planning as part of their overall retirement strategy,
encouraging them to begin planning for future long term care needs at an early
age. As part of its program, the state offers free, in-home long-term care
Consumers interested in getting additional information about long term
care planning can visit http://www.longtermcare.gov,
http://www.ltc4me.ohio.gov or call 1-866-PLAN-LTC (1-866-752-6582). For more
details about the Partnership program, call 1-888-GENWORTH (1-888-436-9678)
for more information.
Regions Annual Cost for Private Five Year Annual Growth
Nursing Home Room
Ohio $69,611 3%
National Average $76,460 4%
Conducted by CareScout(R) between December 2007 and February 2008,
Genworth's 2008 Cost of Care Survey, available at genworth.com/CostofCare,
provides national, state and local long term care cost information.
*LIMRA Individual Long-Term Care Insurance 2007 Sales and In Force as of
About Long Term Care Insurance from Genworth Financial
Genworth Financial's Long Term Care Insurance Division helped pioneer the
development of long term care insurance in 1974 and has been an industry
leader ever since. Long term care insurance is underwritten by Genworth Life
Insurance Company, and in New York, by Genworth Life Insurance Company of New
York, Administrative Offices: Richmond, Virginia. For more information, visit
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading public Fortune 500
global financial security company. Genworth has more than $114 billion in
assets and employs approximately 7,000 people in 25 countries. Its products
and services help meet the investment, protection, retirement and lifestyle
needs of over 15 million customers. Genworth operates through three segments:
Retirement and Protection, International and U.S. Mortgage Insurance. 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
SOURCE Genworth Financial
CONTACT: Yokima Cureton, +1-804-662-2598, email@example.com
Web site: http://www.genworth.com