An association with 38 million members is preparing to change its primary source of long term care insurance.
AARP, Washington, says it has picked Genworth Financial Inc., Richmond, Va., to supply coverage for its main LTC insurance program starting in October.
AARP will continue to use the previous LTC insurance supplier, MetLife Inc., New York, to keep existing AARP LTC insurance policies in place and provide service for those policyholders, the group says.
“MetLife has consistently provided AARP members with excellent service, especially at the time of claim,” AARP says in the announcement of the LTC insurance provider switch. “More than 95% of AARP long term care insurance policy holders who become benefit eligible rate their overall experience with MetLife’s benefits process as either excellent or very good.”
But Genworth has agreed to spend $7.5 million on LTC research and educational efforts, and the company will provide a wide array of products, AARP says.
One of the Genworth AARP products will cost about half of what typical LTC insurance products cost, and other products will come with 5-year rate guarantees, AARP says.