Living Long Term
Discovering the value of long term care insurance
Long Term Care Insurance Underwritten by Genworth Life Insurance Company, Richmond, VA
ICC15-161189CPP 03/05/15
Contents
SECTION 1
Living long term
SECTION 2
Paying for your choice of care
13
SECTION 3
Who really needs to plan
23
SECTION 4
Experience speaks
32
Living Long Term
2
1
SECT I O N 1
Living long term
Living Long Term
Planning for longevity
Longevity is great – better when you
continue to enjoy a good quality of life.
Today, 2 of 3 average 50 year old
persons can expect to live to age 80
and 1 of 3 to age 90.1
Increase your financial confidence with
retirement and long term care plans
1Business
Insider, Andy Kiersz, 3/21/2014, Data from Social Security Administration
Living Long Term
3
Key questions
• How do you imagine your lifestyle as
you age?
• What could impact your lifestyle or
financial security in retirement?
• Have you spoken with loved ones
about your long term care preferences?
• Are you prepared to provide care
for your loved ones? Do you know
their preferences?
Living Long Term
4
?
Who will need long term care?
AT LEAST
70%
OF PEOPLE
over 65 will need
some form of long
term care services
and support at
some point.2
22015
Medicare & You, National Medicare Handbook, Centers for Medicare and Medicaid Services, September 2014
Living Long Term
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What is long term care?
When help is needed with at
least 2 of the 6 activities of daily
living:
- bathing
- toileting
- dressing
- transferring
- continence
- eating
Living Long Term
Long term care is the
assistance or
supervision you may
need when you are
unable to do some of
the basic activities of
daily living (ADLs) –
bathing, dressing,
continence, toileting,
transferring and
eating.
6
What is long term care?
Care or care supervision:
37%
• Needed for 90 days or more
• Due to an accident, acute or
chronic illness, or severe
cognitive impairment,
OF CARE RECIPIENTS
• Provided in a variety of settings
receive care due to an
illness.
And another 28% due
to an accident.3
3. Genworth Beyond Dollars Survey, 3/2013
Living Long Term
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Consider the risk
1 in 3 consumers surveyed
had provided care to older parents
or relatives in the past.5
5. Genworth
Long Term Care Insurance Prospective Customer Study, 3/2014.
Living Long Term
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SECT I O N 2
Paying for your choice of care
Living Long Term
Help protect the lifestyle you choose
78%
OF PEOPLE
would prefer to
receive care in
their own homes.4
4Age
Wave Survey, conducted by Harris for Genworth, 1/2010
Living Long Term
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Key questions
• What financial impact might a long term
care event have on your retirement?
• Do you have financial resources you
would deploy for long term care?
• Are you prepared to provide financial
support or care for your loved ones?
• What portion of potential long term care
costs would you be comfortable
covering?
Living Long Term
11
?
Protect your relationships
NEARLY
6.
46%
53%
50%
OF FAMILY
CAREGIVERS
OF CAREGIVERS &
CARE RECIPIENTS
OF CAREGIVERS
report that
providing care
affected their
personal health
and well-being.6
report they lost
income due to
the demands of
providing care.6
experience a
negative mood,
including depression,
mood swings or
resentment.6
Genworth Beyond Dollars Survey, 3/2013
Living Long Term
12
Options to pay for care
Many people rely on:
• Their income and savings
• Family or friends
• Government programs like
Medicare and Medicaid, may
have limitations
• Long term care insurance
Living Long Term
13
Why Long Term Care Insurance?
People buy long term care
insurance for8:
• Control
• Independence
• Quality of life
• Asset protection
• Sense of security
8.
Genworth LTCI Purchaser Study, September 2012
Living Long Term
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Where protection meets affordability
LTCI policies that are:
smaller
•
simpler
•
more affordable
may provide meaningful coverage…while
fitting into today’s budget.
Living Long Term
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Affordability + Options = Protection
1
2
Living Long Term
LTCI may help you pay for care
expenses that could:
• Strain your budget, or
• Eat away at your savings
Consider a strategy to cover costs:
• For a likely care scenario
• For a worst-case scenario
16
SECT I O N 3
Who really needs to plan
for long term care?
Living Long Term
Consider the costs
The national median cost
for a Home Health Aide is
$45,188
PER YEAR COMPARED TO
$87,600
per year for a private
nursing home room9
9.
Genworth 2014 Cost of Care Survey, April 2014
Living Long Term
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Key questions
• Are you prepared to be a caregiver for your
loved one/partner?
• Who could you rely on to help if you or your
loved one needed care?
• If you needed care, where would you prefer
to receive it?
• What steps have you taken to protect your
savings and assets from the cost of long
term care?
Living Long Term
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?
Budget now, benefit later
Starting young may have
advantages
Making regular premium
payments that fit within a budget
may make some coverage
possible
Living Long Term
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Just the Two of Us
Possibilities and unique challenges
You may face:
• Providing care for your partner
• Needing long term care yourself,
and
• Providing care for parents should
they ever need care.
Living Long Term
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Care in the setting of your choice
71%
70%
OF CONSUMERS
of claims
are for
home
care11
surveyed rated “stay
at home care” as an
important long term
care insurance
policy feature.10
10. Genworth
11. Genworth
LTCI Purchaser Study, 3/2014;
Long Term Care Claims Experience Data, Genworth Life Insurance Company and affiliates, 12/1974-9/2013
Living Long Term
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SECT I O N 4
Lessons learned
Living Long Term
Customer quotes: One person’s plan
“We took out the policy and some people thought
we were crazy. They said you’ll probably never
use it…Last year my husband, who had cancer,
became a care issue for me. We needed more
help…but having the Genworth policy, it allowed
us to be able to bring someone in the home from
an agency that could…give us a hand.”
Sandra R. – Long Term Care Insurance Claimant7
7. Genworth LTCI Claimant Interviews, 9/2014. The testimonials are from actual customers and represent the current opinion of the individual. These
individuals were not compensated for their testimony. Genworth has received written permission from all individuals.
Living Long Term
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Customer quotes: A sense of security
“It was a peace of mind thing for my husband as
well because he was afraid I was running myself
into the ground. So it really was a tremendous
blessing for us and we’re grateful to this day.”
Sandra R. – Long Term Care Insurance Claimant10
“Over the years, when you think you’re
indestructible…that ain’t true.”
Jack H. – Long Term Care Insurance Claimant10
10.
Genworth LTCI Claimant Interviews, 9/2014. The testimonials are from actual customers and represent the current opinion of the individual. These
individuals were not compensated for their testimony. Genworth has received written permission from all individuals.
Living Long Term
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Customer quotes: The benefit of hindsight
“When the children are involved, we help
them as much as possible. They often say,
‘I’ve really been thinking about it and this is
something that I need to get for myself and
my spouse.’”
Jamie P. – Genworth Benefit Analyst11
“If I hadn’t had it, I would have lost
everything just trying to pay for people to
help me. It’s a lifesaver and the program
has helped me to get along and with my
quality of life.”
Jack H. – Long Term Care Insurance Claimant11
11Genworth
LTCI Claimant Interviews, 9/2014. The testimonials are from actual customers and represent the current opinion of the individual. These
individuals were not compensated for their testimony. Genworth has received written permission from all individuals.
Living Long Term
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Key questions
• Which of the customer quotes did you relate
to most?
• How are you feeling about the role of long
term care insurance in your plan now?
• What are your thoughts about smaller, more
affordable LTCI policies and their possible
role in retirement planning?
Living Long Term
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?
What next?
Four steps to help develop your sense of security
1. Have the long term care conversation with your
loved ones and a financial professional
2. Consider the role that long term care insurance
may play in your retirement plan
3. Start making plans for the possibility of needing
long term care
4. Put the plan in writing and revisit regularly
Living Long Term
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Important Information
Long Term Care Insurance Underwritten by Genworth Life Insurance
Company, Richmond, VA.
This is a solicitation of insurance for policy form series ICC13-8000R1 or
ICC13-8001R1. When you respond, an insurance agent/producer will contact
you.
Details about the cost, benefits, terms under which the policy may be
continued in force or discontinued, limitations and exclusions of the long term
care insurance policy will be provided to you by a licensed insurance
agent/producer.
.
www.genworth.com
©2015 Genworth Financial, Inc. All rights reserved.
Insurance and
annuity products
Living Long Term
• Are not deposits.
• Are not insured by the FDIC or any other federal government agency.
• May decrease in value. • Are not guaranteed by a bank or its affiliates.
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Thank you!
Living Long Term
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