A major long term care insurer has introduced a group of products available only to members of the American Association of Retired Persons.
Genworth Financial Inc., Richmond, Va., says members of AARP, Washington, can buy a base version of the new My Future, My Plan coverage, then customize the coverage to suit their individual needs.
“We worked with AARP to put together a product suite that made sense for their market demographic,” says Yokima Cureton, a Genworth spokeswoman. “It’s 3 basic plans. It starts with deciding whether or not you want an elimination period and for how long. From there it narrows your options and helps you determine the best plans.”
AARP members can buy the coverage over the telephone, in person or through the Web.
The My Future, My Plan coverage will be fully underwritten.
“We have not changed our underwriting policies for this product,” says Jeff Condit, a senior vice president at Genworth. “The benefit is the members get access to preferred health discounts and the lowest prices.”
Only AARP members ages 50 to 79 are eligible to buy coverage.
The price per policy will vary by the age of the member and the complexity of the plan, Condit says.
The plan with the richest benefits, the Choice plan, will cost around $159 per month for a 55 year-old, Condit says.
The Base Plan, the most basic plan, will cost about $113 per month for a 55-year-old.
Genworth has been the exclusive AARP-endorsed LTC insurance provider since October 2007.
The My Future, My Plan coverage is now available to AARP members in Alabama, Arkansas, Colorado, the District of Columbia, Georgia, Idaho, Illinois, Iowa, Louisiana, Minnesota, Mississippi, Nebraska, New Mexico, North Dakota, South Dakota, Tennessee and Wyoming.