RICHMOND, Va., July 8, 2014 /PRNewswire/ -- On July 21, 2014, Genworth (NYSE:GNW) is introducing Privileged Choice® Flex 3 featuring FlexFitSM packages. FlexFit packages are designed to help address the primary barriers to purchasing long term care insurance – price and complexity. FlexFit gives millions more Americans the flexibility to choose the right fit for their long term care needs, combined with the simplicity of prepackaged benefits. Privileged Choice Flex 3 is issued by Genworth Life Insurance Company.
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Consumer need for long term care coverage has never been greater with 7 out of 10 people over the age of 65 needing some type of long term care services.* The challenge is making coverage accessible to more Americans. To that end, FlexFit directly addresses the affordability issue with FlexFit Premium packages with options starting at less than $100 monthly.**
"We are committed to providing long term care funding solutions with flexible options and strong benefits that meet the diverse needs of today's families," said Tom McInerney, Genworth president and chief executive officer. "FlexFit allows more Americans to take control of their long term care future for not much more than what it costs for a daily latte. The security that comes from knowing that protection is now more accessible can be invaluable for families."
The two package options available to consumers include FlexFit Premium and FlexFit Coverage. FlexFit Premium is based on an annual premium, and FlexFit Coverage is based on an initial coverage amount. If a person is interested in long term care insurance, but needs to stay within a certain budget amount, the FlexFit Premium package has options starting at $1,000 annually. If the focus is on protecting a certain amount of income and/or assets, the FlexFit Coverage package has options starting at $100,000 of initial coverage to help achieve this goal.
"In addition to analyzing our 40 years of long term care experience, we constantly look for opportunities to work with consumers, distribution partners, and regulators to identify new ways to expand quality, affordable, long term care financing solutions," says Elena Edwards, President of Genworth Long Term Care Insurance.
Edwards adds, "The FlexFit approach is simple. It is designed to work within a consumer's budget by offering affordable long term care insurance plans. Our FlexFit options also help financial advisors and agents serve clients better by finding affordable rates and coverage amounts tailored to their individual client needs. In addition, more than 70% of our claims originate in the home, which, on average, costs about $45,000 a year and is growing at only about one percent a year.*** Therefore, the FlexFit packages can provide meaningful long term care insurance benefits to help meet these needs."
Some key features and benefits included with both FlexFit Premium and FlexFit Coverage packages are:
- Three percent compound inflation to protect against rising costs of long term care services
- First Day Home Care so you don't have to satisfy a waiting period for care received in your home (90 day waiting period for covered facility care)
- Privileged Care Coordination services with a registered nurse who can assist the insured with finding appropriate care services from local Home Care Agencies
- Caregiver Support Services offering information and referral services available to non-insured immediate family members
Knowing the local cost of care for long term care services allows consumers to plan for the amount of coverage needed. With more tailored and targeted options, the FlexFit packages allow conversations between financial advisors and consumers to remain focused on determining long term care needs, the coverage amount and the level of affordability.
To find out the cost of care in your area, please visit: www.genworth.com/costofcare. For additional resources about the reality of long term care and the importance of planning for the future, please visit: www.longtermcareinsurance.org.
Genworth can also be found online through its social media platforms. Find them on Facebook at: https://www.facebook.com/pages/Genworth/165752860178415. Watch Genworth informational videos and commercials at: http://www.youtube.com/genworthfinancialtv. To contact a Genworth Representative, please visit: https://www.genworth.com/contact-us.html or call 1-888-GENWORTH (1-888-436-9678).
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company 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, and financial protection coverages -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. 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.
* 2014 Medicare & You, National Medicare Handbook, Centers for Medicare and Medicaid Services, Sept. 2013.
** Rates are based on age, underwriting category and whether applicants apply as a couple or an individual male/female.
*** Genworth 2014 Cost of Care Survey
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SOURCE Genworth Financial