RICHMOND, Va., June 9, 2010 /PRNewswire via COMTEX/ --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(R) 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(R) 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(R), 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.
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 global financial security company. Genworth 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 all states.
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 35.7 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA, 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 millions of 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