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Genworth Long Term Care
Insurance Company Review

 

The Genworth Long Term Care Insurance Company is one of the few providers who has been in business of providing this critical, but poorly understood, insurance benefit for the past few decades. Genworth was formerly known as GE Long Term Care Insurance Company. However, before you can evaluate different providers for your insurance need, it�s important that you understand what it is and why you want it.

 

Long term care insurance is quite simple once you know what it is and what it is used for. Long term care insurance is used to cover the medical expenses that result after an illness or injury has occurred. Long term care can be needed due to a chronic illness or sudden that leaves you unable to care for yourself. It may also result from chronic diseases or as a result of the aging process.

 

The cost of long term care whether, it is in a long term care facility or in your home, is soaring and that is one reason why having a long term care insurance policy is a good idea. A long term care insurance policy can offer you coverage after your state issued or other medical care coverage stops paying. A little known fact is that Medicare actually pays very little when it comes to long term care and you are left holding the large bill for long term care. This bill can drain your financial savings very quickly if you�re not careful. So if you don�t feel that you have the assets or resources to coverage daily care that can easily cost about $200 a day, you and your family need to understand long term care insurance.

 

What Is The Cost Of Long
Term Care Insurance?

 

While there is no set cost for long term care insurance coverage one thing is certain, the competition for long term care insurance is very high right now. What this means to you is a lower overall cost to your long term care insurance resulting in lower premiums for you. It is also a fact that long term care insurance will be more budget friendly and cheaper if you purchase the long term care insurance policy before the age of 60. Premiums will typically double between the ages of 60-70 when chronic illness might be present. It is also cheaper for you to purchase a package with your spouse (if that applies) than it is to purchase two separate packages. One reason that Genworth works for many seniors is that it is especially targeted to that age group.

 

Does Genworth Have A Special
Affiliation With AARP?

 

Genworth does have a special affiliation with AARP to provide the best possible coverage to their customers. Genworth and AARP offer you extra coverage on your long term care insurance policy such as a premium wavier while you are receiving long term care. They also offer coverage for long term care dealing with Alzheimer�s, which many long term care insurances will not cover. This policy also offers bed reservation which means you can reserve your bed or room for any reason during a 60-day period. These reasons can include, but are not limited to, visiting your family or entering into a hospital for care. You will also have access to hospice care to relieve any emotional or physical pain if you become terminally ill.

 

Is The Coverage Of A Long Term
Care Insurance Policy Standard?

 

The coverage of a long term care insurance policy is not standardized. Many long term care insurance companies will offer many combinations of services and benefits. Many of these policies will cover other services as well such as in home long term care, adult day care facility payments and other community facilities to assist in your long term care. Some policies will only cover a certain period of your stay in a long term facility while others will cover not only long term facility but also in home care. Some policies will not cover certain illness such as dementia or other mental illnesses, alcohol or drug addictions or related illnesses or self-inflicted injuries. Taking the time to study and read your policy thoroughly will help you to understand exactly what the policy covers and does not cover.

 

Do I Really Need To Think About
A Long Term Care Insurance Policy?

 

If you can�t afford to pay the sky rocketing rates of a long term facility directly from your pocket then yes, you need to seriously think about purchasing a long term care insurance policy. A long term care facility can cost anywhere from $4,500 a month on up. Not to mention those are the today�s rates; in 10-20 years when you will need the care of a long term facility the rates could be well over $6,750-$9,000 a month with a 5% increase each year. If you do not have anyone in your life that will be willing to offer you the amount of long term care you may need, then you should think about purchasing an insurance policy. It is always better to be safe now rather than being sorry later.

 

What Will Genworth Do If I Change My
Mind About My Policy After I Have Purchased It?

 

At the Genworth Long Term Care Insurance Company they give all their customers a 60-day free look. What this means is if you are not totally and completely happy with your policy you can return the insurance certificate for a full refund, no questions asked. This gives you the benefit to look over your policy and make sure it is the right policy for you. Whether you choose Genworth Long Term Care Insurance Company or another provider, make sure you get the answers and coverage that you and your family need.

 

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Care Insurance Companies

 

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