Genworth App Helps Advisors Plan Long-Term Care Costs

Advisors needing up-to-date information on the cost of long-term care to assist in planning for clients can now access that data via a new mobile app from Genworth Financial.

In tandem with the release of its ninth annual Cost of Care Survey, Genworth has released its Cost of Care app, available from the iTunes store. With the Web-based app, advisors can access data on the cost of long-term care in any state.

According to the survey, the cost to receive long-term care at home, the most preferred method among Americans, has not changed from 2011 to 2012. In addition, the cost of receiving care at home has seen a less dramatic rise over the past five years than other types of long-term care.

“By providing specific data to clients based on where they want to receive care, plan to retire and the type of care needed, the Cost of Care Survey paints a clear picture of current and future costs associated with long term care,” In a statement, Colleen Goldhammer Benzin, senior vice president of long-term care distribution at Genworth, said. “It is a powerful tool to show how costs may seem manageable while still earning income, but when retired, in say 15 years, the cost could deplete the clients’ assets.”