There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance, however the primary features and benefit choices are comparable from company to company. Differences do exist between the primary companies. When comparing long-term care insurance, you should recognize the differences between Genworth and the other major companies.
Genworth is the grand-daddy of the long-term care insurance industry. Their roots date back to the early 1970s when the Firemen’s Fund issued the first nursing home policy. Years later they were acquired by American Express, which was acquired later by GE Capital. Then, years later, GE spun off that division in an IPO. The final result was Genworth. In addition, all those companies and Genworth acquired the long-term care insurance business of numerous other companies over the years. No company has the experience level that Genworth possesses. This also creates problems. Many of these older plans, many of which were not underwritten by Genworth, have had premium increases. These old “legacy” products were marketed and priced prior to rate stabilization rules and the interest rate crash.
There are several key features and benefits available with Genworth Financial. Outside of plans which pay cash benefits, Genworth is one of the few companies which will pay benefits for informal caregivers (non-professional caregivers which could be friends, neighbors, family members). In addition, Genworth’s claims department is the world class of the industry with more experience than any other insurance company in long-term care. That can give your family additional peace-of-mind.
Genworth Financials’ Privilege Choice Flex 3 has several features and benefits consumers and long-term care specialists alike look for in a long-term care insurance policy:
- Daily or Monthly Benefits from $1500 a month to $9000 a month
- Shared Care Benefit
- Multiple inflation options including 2%, 3%, 4%, 5% compound, 5% simple and Future Purchase Option
- Return of premium due to death prior to age 65
- Multiple elimination periods from 30 days to 365 days
Consumers should be aware that Genworth Financial Inc. is finalizing a deal where they will become acquired by China Oceanwide Holdings Group Co. Ltd. This is awaiting final regulatory approval and will bring additional resources to the U.S. company as they bring long-term care insurance to China and elsewhere in Asia.
Genworth does offer long-term care partnership policies. Find your state on the LTC NEWS MAP. You can get the current cost of long-term care services, the availability of partnership plans and tax incentives by clicking here.
Significant premium differences exist between companies for the exact same benefits. Long-Term Care Insurance premiums are calculated based on your selection of benefit levels you wish to have in place. Premium calculations are also based on your age and health at the time of application. Plus, you may qualify for discounts which might be available.
Every company has their own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
You can find a qualified specialist who represents the major insurance companies which offer these products by clicking here.
Keep in mind, numerous state and federal regulation impact Long-Term Care Insurance. However, options and benefits do vary from company to company. Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy.
Since your health is a primary consideration in determining your eligibility for coverage it is always best to start planning prior to retirement when health is usually better. A Long-Term Care Specialist will ask you a number of questions about your health in order to make the appropriate recommendation.
Please note: Since every company has different underwriting rules you could be eligible with one company and not another.
Because Long-Term Care Insurance is custom designed you can design the plan to fit your specific needs, concerns and budget. A specialist will help you design your plan to address your concerns. Generally, you can design almost any plan, to:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply
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