Genworth Financial Launches Partnership Long Term Care Insurance Products in Kansas

"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 in 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),Kansas residents are encouraged to plan ahead for long term care events.

Ludden continued, "Genworth applauds the leadership inKansas 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 nation."

Consumers interested in getting additional information about long term care planning can visit http://www.longtermcare.gov, http://www.ksinsurance.org/ltc/index.htm 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

    Kansas             $48,656                      2%
    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 12/31/07

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 inNew York, by Genworth Life Insurance Company ofNew York, Administrative Offices:Richmond, Virginia. For more information, visit genworth.com/longtermcare.

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 inRichmond, Virginia. For more information, visit genworth.com.

SOURCE Genworth Financial, Inc.

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Copyright © 2009, NewsBlaze, Daily News

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