Genworth has introduced a Family Caregiver Benefit that will allow eligible long-term care insurance policyholders in certain states to use benefits for qualified care provided by family members.
The new option is designed to give policyholders more flexibility in how they use long-term care coverage as families take on a larger share of caregiving.
More than 59 mn Americans provide care for an adult family member or friend, while demand for professional caregivers continues to exceed supply.
The Family Caregiver Benefit will be offered through a voluntary coverage election. Eligible policyholders will have the option to modify certain policy features in exchange for using long-term care benefits when qualified family members provide care.
Families have changed, caregiving has changed and the long-term care system has changed. Many families already rely on care from someone they know and trust, and the new benefit gives eligible policyholders another way to match coverage with how care is delivered.
Under the benefit, eligible policyholders could receive payments covering care delivered by family caregivers. Payments can reach up to 75% of the median hourly cost for non-medical care, based on the current annual CareScout Cost of Care Survey.
“This benefit is built around a simple idea: long-term care insurance should reflect how care is delivered today,” said Elizabeth Chu, chief product officer of Genworth Insurance. She said Genworth is developing benefit options intended to better match changing customer needs and the choices families want when arranging care.
The Family Caregiver Benefit forms part of Genworth’s broader Benefit Solutions strategy, which focuses on helping policyholders understand, review and adjust their coverage as their needs change over time.
Genworth said the approach moves beyond interactions triggered by specific events toward more regular education, planning and engagement throughout the aging process.
Availability will depend on state regulatory approvals. Genworth plans to introduce the benefit on a state-by-state basis and provide eligible policyholders with further information as approvals are received.
Genworth Financial is a publicly traded holding company headquartered in Richmond, Virginia. Through CareScout, Genworth and Enact, the company provides products and services related to caregiving, long-term care planning and the financial needs associated with aging.
