Number one carrier in individual long term care insurance sales* offers
enhanced benefit to Minnesotans through public-private approach
RICHMOND, Va., Sept. 15 /PRNewswire-FirstCall/ -- Genworth Financial, Inc.
(NYSE: GNW) today announced its Long Term Care Insurance business has launched
the newest addition to its portfolio of quality long term care planning
solutions in Minnesota -- 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, helping them protect hard-earned nest eggs
to leave to loved ones or charities.
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. Long term care
insurance is not only for the aged or sick; it may also be used to cover
health or personal support during shorter term rehabilitation events. And 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 (http://www.Genworth.com/CostofCare),
Minnesota families are encouraged to plan ahead for long term care events.
Ludden continued, "Genworth applauds the leadership in Minnesota for
empowering its residents and is proud to have played a leadership 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 nation."
Consumers interested in getting additional information about long term
care planning can visit http://www.mnltcpartnership.org or call 1-888-GENWORTH
(1-888-436-9678) for more information.
Regions Annual Cost **Home Assisted Adult Day
for Private Care Living Health Care
Nursing Home Facility
Minneapolis, MN $62,355 $24.77 $44,125 $17,529
MN - Rest of State $51,342 $22.22 $32,771 $12,800
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 for various
forms of long term care including at nursing homes, at home care, assisted
living facilities and adult day health care.
*LIMRA Individual Long-Term Care Insurance 2007 Sales and In Force as of
** per hour
About Long Term Care Insurance from Genworth Financial
Genworth Financial's Long Term Care Insurance business 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 Genworth.com.
SOURCE Genworth Financial, Inc.
CONTACT: Yokima Cureton of Genworth Financial, Inc., +1-804-662-2598,
Web site: http://www.genworth.com