RICHMOND, Va.,  Long term care costs in Maryland continue to rise, putting significant financial pressure on those in or near retirement. As a leader in the long term care insurance industry, Genworth Life Insurance Company (Genworth Life) offers a suite of insurance products to help people proactively plan for their future. Now, AARP® members that reside in Maryland can take advantage of new coverage options designed to simplify the process of purchasing affordable long term care insurance.

Genworth Life, a Genworth Financial company, today introduced in Maryland My Future, My Plan(SM), a suite of long term care insurance plans created exclusively for AARP members. My Future, My Plan is the result of Genworth Life combining its unique expertise in long term care insurance with what it has learned about AARP’s membership needs. With My Future, My Plan, AARP members get access to industry-leading features while maintaining the ability to customize a plan that falls within their price range, meeting their lifestyle needs. In three simple steps, AARP members can choose one of three preselected long term care insurance plans, tailored to them and designed specifically to address their potential needs. All plans include the option of home care, assisted living/residential care and nursing home services along with flexible features designed exclusively for AARP members. Also included is no-cost access to Privileged Care ® Coordination services that help the insured identify the community resources available for his or her long term care.

AARP members have three easy options available to find out more about My Future, My Plan: by scheduling a free, no obligation “readiness review” with an “Authorized to Offer” Genworth Life insurance agent in person, or by calling 800 565.0805, or by visiting genworth.com/aarp for more information about long term care insurance.

My Future, My Plan is one of many products Genworth Life has developed, reflective of American families’ varying and ever-growing long term care needs. The company also offers affordable long term care insurance solutions through independent financial advisors.

“Two-thirds of people over age 65 will need long term care in their lifetimes,” said Buck Stinson, President, U.S. Insurance Products at Genworth Financial. “The current economic downturn has depleted the nest eggs of many Maryland residents, making it more important than ever to plan ahead for future long term care costs.”

Helping American Families Through Education

As an industry pioneer and the largest underwriter of individual long term care insurance for more than one million policyholders, Genworth Life brings a strong commitment to solving our nation’s long term care challenges, a reputation for service and a longstanding history of product innovation.  

Since 2005, Genworth has conducted an annual Cost of Care Survey to provide Americans with a clear understanding of the cost of long term care in their area. According to the Genworth 2010 Cost of Care Survey conducted by CareScout ®, the annual cost for a private nursing home room in the U.S. is $75,190, or $206 per day. In Maryland, this cost has risen 3 percent statewide over the last five years. The median annual cost for a private nursing home room in the state of Maryland is $83,585, and ranges from $69,350 in Cumberland to $98,550 in Bethesda. Annual nursing home costs in the states’ largest metropolitan areas include $72,088 in Salisbury, $72,088 in the Hagerstown Area and $92,528 in the Baltimore Area.

“Long term care planning is a key consideration as you prepare for your retirement needs,” continued Stinson. “By planning ahead, families can potentially save thousands of dollars later should they have a long term care need.”

To help families plan and have the right conversations at the right time, Genworth Financial has created the “Let’s Talk” national campaign, designed to provide families with the right resources, education and motivation to have valuable conversations and plan for a long life. The centerpiece of the campaign is an interactive Web site (www.caringtalk.com), featuring downloadable long term care guides and information on: ways to break the ice with family members; helpful do’s and don’ts; and advice from people who have already been down this path.

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