Genworth’s New Privileged Choice® Flex Offers Consumers Choice and Customization for Long Term Care Planning
New Product Features Mayo Clinic Wellness Program and CareScout® Caregiver Support Services for Immediate Family Members
Richmond, Va. (August 15, 2011) /PRNewswire/ — With the rising cost of long term care(1) becoming a key financial concern for many American families, Genworth announces the launch of Privileged Choice Flex, a new comprehensive long term care solution allowing consumers to more easily choose a long term care insurance plan that best suits their lifestyle and budget. Consumers of long term care insurance (LTCI) increasingly seek options that add value to their policies now, and that also continue to offer future protection in retirement. Privileged Choice Flex was developed to address a key concern preventing many consumers from purchasing long term care insurance – the perception of no immediate benefit.
Long term care remains one of the biggest risks to retirement security for many American families who are delaying decisions about how to pay for an unforeseen long term care event. Overcoming concerns about purchasing a policy they might never use is an important consideration for many consumers of LTCI. “The ability to take advantage of benefits like a wellness program, underscores Genworth’s commitment to offering enhancements that provide immediate value and flexibility for the policyholder,” said Buck Stinson, president of U.S. Insurance Products for Genworth.
“Now” Benefits Provide Value Today to Consumers of LTCI
Encourage lifelong health and independence for policyholders
Genworth believes that providing consumers and their families benefits they can take advantage of today is the next step in the evolution of long term care insurance. Comprehensive wellness programs are a key feature of the “now” benefits available to policyholders.
Earlier this year, Genworth announced its collaboration with Mayo Clinic, one of the most trusted brands in healthcare, to offer Live+WellSM, a wellness program providing access to tools, resources and services for long term care insurance policyholders and their spouses or partners. Now, Privileged Choice Flex will allow policyholders the option to access Live+Well services offered by Mayo Clinic. Features include:
- An online personal health assessment to help set benchmarks and achieve evolving wellness goals
- Ask Mayo Clinic 24-hour nurse line for answers to healthcare questions
- Access to Mayo Clinic’s premier educational information and tools
- Customized health resources such as personalized coaching
- Confidential, secure and interactive online experience
Caregiver Support Services from CareScout®
Providing Resources for Family Caregivers
Another featured “now” benefit includes Caregiver Support Services from CareScout, a Genworth Financial company that specializes in senior care support services. This feature can help policyholders and their immediate family members manage through a difficult time should a long term care event occur. Policyholders and their families can access a database of more than 90,000 care providers to find high-quality, cost effective in-home and facility care services, regardless of whether the immediate family member has long term care insurance. In addition to the online resource, policyholders and their family members can work with a dedicated care advocate on the phone to select the best possible care option.
“Consumers are looking for solutions that strike the right balance between addressing future long term care needs and managing their budget. Privileged Choice Flex allows consumers and their financial advisors to customize a plan that best meets their needs, wants and budget,” added Stinson.
About Genworth Life Insurance Company
Privileged Choice Flex [and My Future, My Plan] underwritten by Genworth Life Insurance Company, Richmond, VA. Not all policies are available in all states, and coverage may vary by state.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company that is dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve homeownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,500 employees and 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.
(1) According to Genworth’s 2011 Cost of Care Survey, the national median annual cost of long term care in an assisted living facility is $39,135, an increase of 2.4 percent from 2010. The comparable cost for a private nursing home room rose 3.4 percent to $77,745. At $18 per hour for homemaker services and $19 an hour for home health aide services, the median hourly cost to receive care in the home remained flat over the past 12 months. Genworth's Cost of Care Survey is the most comprehensive study of its kind, covering nearly 15,500 long term care providers nationwide. The survey includes 437 regions which cover all Metropolitan Statistical Areas defined for the 2010 U.S. census. Genworth annually surveys the cost of long term care across the U.S. to help Americans plan for the potential costs associated with the various types of care available in their preferred location and setting. CareScout®, part of the Genworth Financial family of companies, has conducted the survey since 2004. Located in Waltham, Massachusetts, CareScout has specialized in helping families find long term care providers nationwide since 1997. Genworth's 2011 Cost of Care Survey was conducted during January, February and March 2011.