RICHMOND, Va., June 16, 2014 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) has kicked-off a national real-life research and education program aimed at creating conversations around a pressing issue confronting many Americans: determining a way to plan and pay for long term care needs for an aging population.
The Genworth #LetsTalk Tour will visit five cities across the United States – New York, Chicago, Los Angeles, San Francisco and Dallas – in addition to engaging people via social media. Through a series of 1:1 interactions on the #LetsTalk Tour, the company plans to connect with at least 15,000 people and their families who will help Genworth better understand attitudes regarding long term care and how best to start a family conversation about long term care planning. Genworth will share the findings of the research and intends to use these findings to help educate others on how to have "the talk." In addition, throughout the tour, Genworth will provide resources to help answer families' long term care planning questions.
Unofficially launched at the Turner Classic Film Festival in Los Angeles in April, the Genworth #LetsTalk Tour is designed to encourage families to have "the talk" about aging and will explore what that means for the family in terms of health, money and impact on day-to-day life. "The talk" can be a difficult conversation because it deals with a sensitive subject, but successful conversations can result in families gaining an understanding of long term care options and preferred forms of care.
"We want to help all Americans prepare for the very real risk that they will need long term care services and support at some point in their families' lives," says Tom McInerney, Genworth's President and CEO. "That's why we have undertaken the Genworth #LetsTalk Tour. What we learn with the input we receive will help to support an expansion of public understanding and especially Americans' awareness of the need to plan and take action."
The #LetsTalk Tour includes stops in the following cities:
- New York City, June 27 - 28
- Chicago, July 9 -13
- Los Angeles, August 30 - September 1
- San Francisco, September 6 - 7
- Dallas, October 2 - 6
Additional details about the tour stops in each market will be announced closer to each event.
So, why is having "the talk" so important? The United States is undergoing a profound demographic change – every day, 10,000 Americans turn 65[i], so that during the next forty years, the U.S. population over 65 will double[ii], and the population over 85 will triple[iii]. However, Americans are not yet facing up to what those changes will mean in terms of providing and paying for their long term care needs.
Research shows that 70% of Americans reaching the age of 65 will require long term care[iv].
Many Americans believe Medicare will cover the entirety of their long term care needs, even though it does not. Because Medicare generally provides only very limited coverage in certain situations, families are often required to arrange for long term care services for their loved ones, often in very difficult circumstances. While Medicaid does cover long term care services, an individual would need to deplete resources to almost zero before they could qualify for coverage, and then would generally need to utilize Medicaid approved facilities.
Private long term care insurance can be a critical financial component in financing the long term care services that an increasing number of Americans are requiring. Genworth has been a leader in long term care insurance since 1974, issuing more than 1.8 million policies and paying more than $10 billion in benefits[v].
The Genworth #LetsTalk Tour is intended to help increase Americans' awareness of the need for action in planning for their long term care needs.
METHODOLOGY: Genworth will conduct real-time, 1:1 interviews with consumers throughout the summer during the #LetsTalk Tour. Trained staff will administer a series of questions designed to get consumers thinking about issues related to long term care. Consumers who participate in the survey will be given a takeaway that will include a conversation checklist with guidelines on how to start the conversation about long term care with their families.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement--including life insurance, long term care insurance, and financial protection coverages--and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
[i] PewResearch, "Baby Boomers Approach 65 Glumly," December 2010
[ii] PewResearch, "US Population Projections: 2005-2050," February 2008
[iii] US Census Bureau, "Sixty-five Plus In The United States," May 1995
[iv] The Associated Press-NORC Center for Public Affairs Research, "Long-term Care in America: Expectations and Reality," May 2014
[v] Underwritten by Genworth Life Insurance Company and in New York by Genworth Life Insurance Company of New York. Long Term Care Claims Experience for Genworth Life Insurance Company and affiliates-December 1974 through September 2013.
SOURCE Genworth Financial, Inc.