Genworth Financial is a leading provider of long term care insurance. Genworth Financial Insurance Company has over 15 million customers in 25 countries. Genworth Financial has very good financial strength ratings with an “A+” rating from A.M. Best, an “AA-“ rating from Standard & Poors, an “Aa3” rating from Moody’s, and an “AA-“ rating from Fitch. Genworth Financial is a large company with many services to offer, especially in the long term health care insurance realm.
Long term care insurance has been at the forefront of the public eye in recent years thanks to certain acts of Congress and recently created government programs. Congress passed the Health Insurance Portability and Accountability Act (HIPPA) in 1996 giving long term health insurance policy holders Federal tax advantages (the ability to deduct the premiums paid for certain tax qualified long term care insurance policies based on an IRS age limit [basically, the older you are then the more you are able to deduct each year on your 1040]).
Also, in 2005 the Federal Government launched a campaign called “Own your Future” which advocated purchasing long term care health insurance. Genworth Financial insurance company is a long term care insurance company that has been a leader in long term care insurance for over 30 years.
What is Genworth Financial Long Term Care Health Insurance? When Should I get it?
According to the Genworth Financial insurance company, long term care health insurance can be broadly defined as care provided by another party for the benefit of those who are unable to care for themselves. This could be anything from needing help with the activities of daily life (ADL’s) or providing care for those with severe cognitive impairments like Alzheimer’s. Long term health care is predominantly only thought of as you get older, but it is often a good idea to purchase your long term care insurance policy while you are still working.
Statistically speaking, it is said that 40% of all Americans over the age of 65 will spend time in a nursing home. Many more Americans will need assistance from an in home nurse or some kind of assisted living caregiver.
The AARP states that best time to purchase a long term health insurance plan is when you are middle aged (in your 40’s). The reasoning behind this is that if you purchase long term care insurance when you are younger then the premiums are significantly lower and you are more likely to be eligible for the policy before health problems prevent you from being approved for coverage.
What are Some of the Benefits in Genworth Financial Long Term Care Insurance?
Genworth Financial long term care insurance has many benefits encased in their programs. Here are some of the basic policy benefits that you must become familiar with:
1) Daily Benefit – this is the amount of money your policy will pay out each day when you are unable to perform certain Activities of Daily Living (ADL’s). Most policies have anywhere from a $50 to $300 a day benefit.
2) Benefit Period – this is the number of years that your policy will pay benefits for.
3) Elimination Period – the elimination period is similar to a deductible in that it is the amount of time that you are responsible to pay for your long term care costs until the policy benefits kick in. Elimination periods run anywhere from 30 days to one year. The longer the elimination period the cheaper the monthly premium.
4) Survivorship Benefit – if both you and your spouse hold long term care policies with Genworth Financial for at least 10 years and your spouse dies there are no more premiums on the surviving policy.
5) Wellness Program – Genworth advocates healthier living with its creation of the Momentum™ Wellness Program. The Momentum™ Wellness Program promotes physical wellness, mental wellness, social wellness, and emotional/spiritual wellness through information, products and services that help people to live a happy and independent life.
Some of Genworth Financial product line include the Privileged Choice®, the GE Choice®, and the Classic Select® policy products. There are many more benefits available through Genworth Financial some free and some at an additional cost but availability of programs varies depending on your state of residence. To get free personalized long term care insurance quotes from Genworth and other top insurance companies then use our free quote finder at the top of the page and plug in your home zip code.
How Much Does Genworth Financial Long Term Care Insurance Cost?
The cost of Genworth Financial’s long term insurance varies depending on when you purchase the policy. The best time to purchase is when you are younger (middle aged) when your premium is lower. The cost also varies depending on the package you purchase and any additional riders or benefits that you may choose to add on to the policy.
A 25% discount can be earned for couples if both apply for individual long term care insurance. Even if only one of you is accepted the other half will still reflect the 25% discount. A 10% discount can also be earned for having good health.
To view personalized rate quotes from Genworth and other long term care insurance companies side by side then just put your home zip code into our free insurance quote finder at the top of the page or on our home page.
Is Genworth Financial Long Term Care Insurance Right for Me?
Genworth Financial is a very strong insurance company with a history of providing solid long term care insurance benefits to many Americans. That being said, every individual situation is unique and it is important to compare quotes and plans from multiple insurance companies very carefully with a qualified professional.
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Long term care health insurance is a good option for anyone looking to protect their assets and provide for themselves as they get older. It is important to make sure you can also afford to pay the premiums on long term care as you get older. Long term care can be a great way to provide for yourself as you get older and Genworth Financial insurance company may be a great option for you to investigate.
Save yourself some time and money and use our free insurance quote finding tool at the top of the page or on our home page to compare quotes from multiple long term care insurance companies side by side!
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