RICHMOND, Va., Aug 02, 2010 /PRNewswire via COMTEX/ --
Genworth Life Insurance Company (a Genworth Financial company) today announced a new relationship with the State of Kansas to provide long term care insurance for the Kansas State Employee Health Benefits Plan long term care insurance program. The State of Kansas Program will be available to more than 49,000 employees, retirees and their families.
"Long term care costs have been continually rising in the State of Kansas," said Doug Farmer, director of the Kansas State Employee Health Plan. "Offering long term care coverage to the State's employees, retirees and their families is a priority. Genworth Life was chosen because of its 35-year history as a leading long term care insurance provider, its strong track record of paying claims and its dedication to outstanding customer service."
According to Genworth's 2010 Cost of Care Survey, conducted by CareScout(R), the median annual rate for home care costs in Kansas is $41,481 statewide, or $18 per hour.(1) The median annual cost for a private nursing home room in Kansas is $56,575 a year and the comparable annual cost for a single bedroom in an assisted living facility in the state is $40,800. Over the past five years, home care costs have risen two percent annually, while nursing home and assisted living costs have risen six percent and eight percent, respectively.(2) Genworth's 2010 Cost of Care Survey, which provides national, state and local long term care cost information, is available online at Genworth.com/CostofCare.
"Two-thirds of people over age 65 will need long term care in their lifetimes, but most Americans have not proactively planned for this possibility," said Buck Stinson, President of U.S. Insurance Products at Genworth.
The State of Kansas' relationship with Genworth Life will provide a broad portfolio of long term care planning solutions with flexible features and benefits. The product offering will include a wide range of affordable options. The program will be available to employees, retirees and their eligible family members starting in August 2010. Enrollment information, as well as other information related to the State of Kansas Group Long Term Care Insurance Program is available online at a dedicated State of Kansas Long Term Care Insurance web site.
"This new relationship will provide us with the opportunity to educate State of Kansas employees, retirees, and their families about long term care and the benefits of proactive planning for this type of care," said Stinson. "It will help them decide to what extent long term care insurance should be part of their retirement plan."
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) 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 & 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 Web site. 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.
(1) Home Health Aide Services annual rates are based on 44 hours/week multiplied by 52 weeks
(2) Represents the compound annual growth rate based on Genworth Cost of Care Survey data from 2005-2010
SOURCE Genworth Financial, Inc.