Genworth Financial announced its long term care division has launched the newest addition to its portfolio of long term care planning solutions in Ohio -- Partnership Qualified Long Term Care Insurance (Partnership plans). These products, designed to augment individuals' financial security options during retirement, are the result of an alliance between states and insurers to help millions of Americans better prepare for potential long term care needs. What's more, there are no added costs for residents to participate.
"Many Americans mistakenly believe that Medicare or private health insurance will pay for their long term care needs, and that's just not true," stated Beth Ludden, Genworth's senior vice president for long term care insurance product development. "Those purchasing a Partnership plan can be assured that if and when the need for long term care arises, they will have more control over their long term care decisions, and be able to help protect their assets and resources should they ever need to access Medicaid."
Partnership plans provide dollar-for-dollar asset protection for policyholders. For every benefit dollar policyholders receive under a Partnership policy, they receive an equal dollar of asset protection under the state's Medicaid spend-down requirements. As a result, participants are able to retain assets that would otherwise have to be spent down prior to qualifying for Medicaid benefits.
Long term care is an ever-increasing challenge for millions of Americans and their families. According to the U.S. Department of Health and Human Services (HHS) 70 percent of Americans who reach their 65th birthday will have to pay for some kind of long term care services. With the average cost of care for a private nursing home room topping more than $76,460 nationally and rising for the fifth consecutive year according to Genworth's 2008 Cost of Care Survey, Ohio residents are encouraged to plan ahead for long term care events.
Ludden continued, "Genworth applauds the leadership in Ohio for empowering its residents and is proud to have played a significant role in this endeavor. We continue to work closely with state and federal regulators as well as key industry trade groups to further expand Partnership programs across the nation."
Additionally, Ohio has launched an "Own Your Future" long term care awareness and planning campaign in conjunction with the U.S. Department of Health and Human Services. Its primary goal is to educate the public about the need for long term care planning as part of their overall retirement strategy, encouraging them to begin planning for future long term care needs at an early age. As part of its program, the state offers free, in-home long-term care consultation.
Consumers interested in getting additional information about long term care planning can
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