AARP “endorses” Long-Term Care Insurance in 2010 through Genworth Life Insurance. The AARP Genworth Long Term Care Insurance My Future My Plan coverage was once provided by MetLife but Genworth was selected in the last several years. One thing to keep in mind before looking at AARP as a benevolent organization is to remember that AARP has financial incentives to sell insurance. Like any product you buy the goal is to save money and still get the problem solved.
There’s more going on than many people realize, and we simply like to educate the public. In the past, the MetLife AARP LTC Insurance coverage was somewhat diminished by the fact that the AARP Long Term Care Insurance plan penalized your Home Health Care Benefits by 50% in most of their plans. Fifty percent coverage meant if you had a policy that pays $150 dollars a day for nursing home care, the AARP Long Term Care plan would ONLY pay $75 for home health care.
Retirement planning with Long Term Care Insurance may be wise but you’ll want to take your time when reviewing all the information so you can make an informed decision.
Home Care is Important; So is Shopping Around.
Statistics show that about 3/4 (75%) of people start their LTC claims at home. About 2/3 of claims will end at home, so a large percentage of policyholders never see a nursing home. So having a 50% co-pay for home health care is a HUGE drawback because if you had to pay $75 per day out of pocket for 365 days in a year that is almost $30,000 put of pocket that you’d pay. This is why it’s important to ask for 100% home health care coverage no matter where you buy from.
AARP Long Term Care Insurance Vs. Individual Coverage
The fact is that you may be able to buy coverage from one of the “blue chip” carriers that offers individual coverage for less premium than the AARP coverage through Genworth. We offer comparisons and will shop the market and offer an unbiased comparison of all the companies we represent along with rates and financial ratings. At LTC Tree we help people compare the AARP long term care plan and we can show you in writing that often you can find better rateson similar coverage on the individual market. Find out today.