Genworth Financial Inc. is finding strong interest in its new small group long term care insurance product, a company executive says.
The Long Term Care Business Solutions product, available in 25 states, can be used both as an executive carveout and as an employee benefit, according to Beth Ludden, a senior vice president in the long term care insurance unit at Genworth, Richmond, Va.
Among business with 25 employees or less, a surprising number are considering offering LTC benefits, and many are even considering helping to pay the premiums, Ludden says.
“Many small business owners are at the point in their life where they’re thinking about the long term care risk,” Ludden says.
Other Genworth LTC insurance news:
- The company is planning to redesign Privileged Choice, its flagship LTC product. Although the details are still under wraps, the updated product will use a modular approach to increase flexibility, Ludden says.
- Genworth Partnership products are about to launch in Oregon, Arkansas and Kansas. Genworth also is preparing to offer similar plans in the 29 other states that are in different stages of adopting LTC Partnership programs, which coordinate Medicaid nursing home benefits with private LTC insurance benefits.
Partnership states are vital to growth in LTC insurance revenue, Ludden says, noting that her company’s LTC insurance sales are typically 11% higher in Partnership states than in other jurisdictions.
- Genworth is upgrading its annual LTC Cost of Care study to include more detailed regional data about spending on at-home care as well as nursing home and adult day care. This year’s study, scheduled to be released at the end of April, will give more details about care workers, Ludden says.