FOR IMMEDIATE RELEASE
February 15, 2012
Dan Dent at Genworth
Tom Topinka at Genworth
AARP Media Relations
Genworth Announces New Service to Help AARP Members Make More Informed Caregiving Decisions
First service to integrate care assessment, care planning and provider matching on a national level
(RICHMOND, VA) Feb. 16, 2011 – Today, Genworth Financial, Inc. (NYSE: GNW), a leader in long term care issues for 35 years, announced a brand new caregiving support service, available to AARP members and designed to meet the needs of AARP's millions of members nationwide. AARP® Caregiving Help and Advice from Genworth (1) breaks new ground by becoming the first national service endorsed by AARP to integrate care assessment, care planning and provider matching.
AARP, in conjunction with its wholly-owned, taxable subsidiary, AARP Services, Inc., selected the caregiving support service from Genworth for the company’s demonstrated commitment to empowering families to make informed long term caregiving decisions. According to David Mathis, AARP Services' Senior Vice President of Health Products and Services, “Genworth's vision to help families facing a caregiving situation reflects a cultural fit with AARP's commitment to ensuring the well-being of the 50+ population.”
With an estimated 10,000 baby boomers turning 65 every day for the next 17 years (2), Americans face a growing need for caregiving services. According to Buck Stinson, President, U.S. Insurance Products at Genworth Financial, "Two-thirds of people over age 65 will need long term care in their lifetimes. Until now, family caregivers often relied on a patchwork of information that frequently fell short in helping to identify caregiving resources. Today, Genworth is on the way to changing that with AARP Caregiving Help and Advice from Genworth.”
A recent survey of Americans, aged 35 and older, sponsored by Genworth shows that long term care is rarely top-of-mind until an event actually occurs, a situation that can cause increased anxiety and stress for caregivers. In the survey, 72% of respondents viewed themselves as caregivers, and yet nearly two-thirds of those (65%) said it took an urgent event, such as a hospital stay or emergency room visit, before they realized a loved one needed care. Whether they arrive at this realization suddenly or over a period of time, family caregivers often don’t know where to turn for help when the need arises.
The new service is designed for the millions of Americans who are faced with family caregiving needs. According to AARP’s research (3), more than 43 million Americans serve as unpaid caregivers for adults age 50 and older, and yet nearly one in four caregivers say they have a difficult time coordinating care. Adding to the challenge is that most caregivers have little time for research and few ideas about where to look for help.
“As baby boomers age, most will serve, and often struggle, as unpaid caregivers to a family member or friend, often unsure of where to turn for help,” said Dr. Bruce Margolis, Medical Director at Genworth. “This innovative relationship with Genworth gives AARP members and their families access to personalized caregiving information and resources that focus on empowering caregivers and equipping them with the tools and information to help meet their caregiving needs.”
With the Genworth service, AARP members have access to professional and objective help to assess their care needs, create a suggested care plan and identify care providers. A key benefit of the new service is free access to one of the largest long term care databases in the world, with more than 90,000 providers, including public programs, to help people search for caregiving resources by location and type. Registered visitors to the website, including AARP members, can search the nationwide database to find local caregiving providers, rate caregiving providers, access supporting information to help guide them in their decision making, and sign up for an e-newsletter. The long term care database is available to AARP members and to the general public at Genworth.com/caregiving, AARPhealthcare.com and AARP.org.
As a benefit of membership in AARP, AARP members can access additional services, both paid and free, through AARP Caregiving Help and Advice from Genworth. For free, AARP members registered at Genworth.com/caregiving can compare nursing homes' Medicare star ratings and see which home care agencies are part of Genworth’s provider programs. AARP members also have an opportunity to purchase four service plans—Web Advisor, Phone Advisor, In-Home Advisor and Service Finder—that were created by Genworth based on the understanding that families facing a caregiving situation often want options when it comes to meeting their caregiving needs.
“Time and again, family caregivers say they want help in understanding their options, support for making decisions, and access to professionals when they have questions. This service promises to do just that, and much more, by providing families with a Care Advocate so they can navigate this important time with dignity and peace of mind,” said Bob Bua, President of Genworth's Caregiving Division.
AARP members can learn more about the wide array of care support services program and benefits available through aarp.org and aarphealthcare.com.
Additional findings from the Genworth sponsored survey include:
* 56% agreed with the statement that people don’t often identify themselves as ‘caregivers,’ when they really are, because they are only doing what’s expected of them (as a daughter, as a spouse, etc.).
* 88% agreed with the statement that unpaid caregivers, such as family and friends, are not likely to sing their own praises since they feel they are only giving back to those who have loved and cared for them.
* The youngest group (35-44) were more likely to notice that a care recipient needed help as compared to the older group (65 plus).
* As age drops the expectation to become a caregiver increases. According to the survey, 48% aged 35-44 expect to be a caregiver in the future, while only 35% aged 55-64 and 26% aged 65+ viewed themselves that way.
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, financial protection coverages, and independent advisor-based wealth management – and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,400 employees and operates through three divisions: Insurance and Wealth Management, which includes U.S. Life Insurance, Wealth Management, and International Protection segments; Mortgage Insurance, which includes U.S. and International Mortgage Insurance segments; and the Corporate and Runoff division. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. 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.
AARP is a nonprofit, nonpartisan organization with a membership that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with 35.1 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection and empowerment to older persons in need with support from thousands of volunteers, donors and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Visit: aarp.org.
About AARP Services, Inc.
AARP Services, Inc., founded in 1999, is a wholly-owned taxable subsidiary of AARP. AARP Services manages the provider relationships for and performs quality control oversight of the wide range of products and services that carry the AARP name and are made available by independent providers as benefits to AARP’s millions of members. The provider offers currently span health products, financial products, travel and leisure products, and life event services. Specific products include Medicare supplemental insurance; credit cards, auto and home, mobile home and motorcycle insurance, life insurance and annuities; member discounts on rental cars, cruises, vacation packages and lodging; special offers on technology and gifts; pharmacy services; legal services; and long term care insurance. AARP Services also engages in new product development activities for AARP and provides certain consulting services to outside companies.
About the Survey
The Genworth Survey was conducted by telephone by ORC International’s CARAVAN® omnibus services between January 19th and January 22th, 2012 among 894 Americans 35 years of age or older (439 men and 455 women) living in private households. The margin of error for this study is plus or minus 3 percentage points at a 95% confidence level.