Feb. 29, 2008
FREQUENTLY ASKED QUESTIONS
How much does long term care typically cost?
In-home care averages $25 per hour, or about $53,000 per year for 40 hours of help a week.1 The national average for a private room in a nursing home is nearly $75,000 a year.1 And, in some areas of the country, it is significantly higher.1
Who should buy long term care insurance?
Anyone could suddenly be in a situation where long term care services are needed. A broken bone, chronic disease, or cognitive impairment, such as Alzheimer’s, could mean months or years of ongoing care. Long term care insurance is specifically designed to help pay for long term care.
When should I buy long term care insurance?
It’s important to have coverage in place before you need it – when you’re in good health. In addition, the younger you are when you apply, the lower your premiums may be.
What are the benefits of buying long term care insurance through my group long term care insurance program?
The group long term care insurance program offers several benefits:
• Obtain affordable group premiums.
• Enjoy an easier approval process than with most individual insurance policies.
• Continue your coverage should you leave the group.
• Get pre-selected coverage features tailored for your group.
• This program has been designed to make selecting your plan options easy.
Is long term care insurance affordable?
The cost of long term care insurance coverage varies depending on your age, the state where you live, and the options you choose. Many people may find the premiums to be more affordable than they expect. Compare what you could pay for just one year in a nursing home to the total you might pay in premiums.
If I leave the group, can I continue my group long term care insurance?
Yes. One of the most important features of this group plan is that you can continue the coverage when you are no longer with the group.
How does long term care insurance fit into my overall financial plan?
If it’s necessary to pay for care at home or in a nursing home out of your pocket, you could quickly deplete the savings and retirement funds you’ve worked so hard to accumulate. Long term care insurance can help you protect your hard-earned money from the high cost of long term care services.
Why consider Genworth Life Insurance Company to meet my long term care insurance needs?
You want a company you can count on to be there when it matters. Genworth Life Insurance Company’s Long Term Care Insurance Division was a pioneer of long term care insurance in 1974 and has been an industry leader ever since.2
What if the “Enrollment Period” has passed?
You may be able to still obtain coverage, but qualifying may be more difficult. During the enrollment period you have the advantage of applying under a modified guaranteed issue basis. This means that a physical exam is not required and only a few medical questions will be asked. If you apply after this period, you must follow the more stringent requirements of the company’s underwriting practices. Your information will be reviewed, and if acceptable, your insurance will be issued.
What plan is right for me?
There’s no one absolute rule to determine the plan that’s best for you, but here are some of the more important considerations to help make your decision easier:
• Your present and future income and budget
• The cost of care in your area (or where you might retire and need care)
• Your financial holdings (what you want to help protect)
• Your health (and your family’s health history)
• The extent to which you want insurance to pay your long term care costs versus the portion you believe you can pay yourself.
Is home care covered?
Yes, this comprehensive group long term care insurance program covers care provided at home as well as in assisted living facilities, nursing homes and in the community.
How do the costs compare to coverage I could get individually on my own?
You may find the premiums for this Group Long Term Care Insurance Program more affordable than available individual insurance policies. Group plans are developed to take advantage of administrative and marketing cost savings that are then passed on to you as a participant in the program.
Shouldn’t I wait until I’m older?
Buying now offers several benefits. Your premium rates are primarily based on your age. Typically, the older you are, the higher your premium rate. Another very good reason not to wait is that an accident or illness could happen at anytime. If this occurs you might not be able to meet even the modified underwriting requirements for coverage.
For more information on your group long term care insurance program, call Capital Street at 1-800-728-0144 or 651-665-4300. You can also visit the website during the enrollment period (February 29 – May 30, 2008) at www.genworth.com/groupltc and enter your Group ID: MAPE and Access Code: groupltc
1. In-home care average based on rates for a Home Health Aide. Nursing home care average based on private nursing home room. Genworth Financial 2007 Cost of Care Survey. Conducted by CareScout, an independent research firm. 03/07.
2. LifePlans, Inc. 2005 Long Term Care Individual and Group Association Top Writers Survey Results. Based on number of policies sold and annualized premium in-force.
