Thursday, May 24, 2012

Genworth 2012 Cost of Care Survey Is a Big Hit!

Since the release of the Genworth 2012 Cost of Care Survey Genworth has had more than 182 million media impressions! Genworth has helped millions of people around in the country with their long-term care needs and the Cost of Care Survey is just one of their enriched resources they provide help agents and consumers nationwide.

The 2012 Cost of Care Survey has made many headlines including "Don't Grow Old Without It", "Expenses Continue to Mount" and "No One is Too Old Young (Or Too Old) for Genworth's LTC Mobile App," the media has been of great assistance in sharing the messing about the importance of long-term care planning!

You can visit the interactive map here .

Tuesday, May 15, 2012

Why Most People Don't Plan for Long-Term Care Insurance

There are roughly 313 million people that live in the U.S. and only about 8 million own a long-term care insurance policy, this is a pretty small percentage! So why is it that most Americans fail to plan for something that they have a 70% chance of needing after the age of 65? There are several reasons:

-Some people are not aware that long-term care insurance even exists
-Some think that it is included in their health insurance
-People think "this won't happen to me"
-They avoid the thought of needing care and loosing their independence
-They are provided with the wrong information about long-term care insurance
-And one of the biggest misconceptions is that long-term care insurance is covered by Medicare

As you can see there are several reasons people don't purchase long-term care insurance. Probably the two most popular reasons are the cost and they think that Medicare will cover the costs of care. One thing I would like to point out is that long-term care insurance has so many different options when constructing a policy, so it is easy to make the necessary changes to fit into most budgets. It is better to have some coverage than none at all. And as far as Medicare covering the cost of long-term care services, this is far from the truth. Medicare is more for short term care, not long term, it will cover up to 100 days of skilled nursing care and home health care must be skilled care as well, which most home health care provided is from a home health aide or a homemaker service, which these are not skilled care. In addition, to qualify for Medicare long-term care benefits you must have at least a 3-day hospital stay before entering a nursing home. Medicare should not be a substitution for long-term care insurance.

If you have assets to protect it is wise to plan for long-term care with LTC Insurance! Visit!

Tuesday, May 8, 2012

Genworth's Caregiving Help and Advice Website

It is such a trying time when a loved one needs long-term care services, it difficult on all ends of the spectrum. For so many it is the parents that need care, the parents that have spent so many years caring for you and now it is your turn to care for them. When this happens most of us, we will typically have our own children we are caring for, in addition to a job, a house and all the other things that you have to care for on a daily basis. Trying to find the time and energy to care for a loved can be so difficult. Even though there is nothing know one can do to alleviate the need for care there are some reasources out there to help.

Genworth has a whole website dedicated to caregiving, it is called AARP Caregiving Help and Advice from Genworth. It is a national caregiving service dedicated to helping AARP members and their families find information, advice and guidance to support their long-term care needs, when your loved ones are receiving care. The website is There is lots of articles, how to's, checklists, learning about caregiving and long-term care, helpful questions and answers, assessment tools, care provider search, and much more!

Tuesday, May 1, 2012

What is the Long-Term Care Insurance Partnership Program

A Long-Term Care Insurance Partnership Policy will allow policy holders to protect or keep some of their assets if you have a long-term care insurance claim and need to apply for Medicaid after you have used up your LTC insurance policy benefits. Under the Partnership Policy the amount of Medicaid spend-down protection you receive is equal to the amount of benefits that were paid for your long-term care services from your private long-term care insurance company. For example, if you had a LTC Insurance Partnership Policy with Genworth and they paid out $300,000 in benefits for your care, you have exhausted your benefits and you needed further care so you applied Medicaid, you would be able protect up to $300,000 of your assets.

The Long-Term Care Insurance Partnership Program was originated in the 1980's with four state - New York, California, Connecticut and Indiana. In 2005, the Deficit Reduction Act of 2005 was developed and this allowed for all states to participate in the LTC Insurance Partnership Program, of which 40 states do participate in the Partnership Program. The intent of the Partnership Program is to encourage residents of their state to plan for their long-term care needs by purchasing long-term care insurance. This will allow them to get the care they need and further care from the state if they need it without having to spend down all their assets. This is also a benefit to the individual states as well, as it decreases the amount of Medicaid dollars used for long-term care services.

Long-term care insurance is designed to help protect your hard earned assets and the Partnership Program is a way to help you accomplish this! To see if your state participates in the  Long-Term Care Partnership Program visit, this is a great site to learn more about the program and to see what your options are in your state!