Genworth Life would become the underwriter of the group long term care insurance program for Public School Employees, sponsored by TRS
Genworth Financial has been selected by Teacher Retirement System of Texas (TRS) to provide long term care insurance to its membership. The group insurance is underwritten by Genworth Life Insurance Company (Genworth Life).
As per the agreement, Genworth Life will become the underwriter of the group long term care insurance program for Public School Employees sponsored by TRS.
According to Genworth Financial’s 2009 Cost of Care Survey conducted by CareScout, the median annual cost for a private nursing home room in a Texas averages $58,056 a year. Since typical stays can average three years, care could cost hundreds of thousands of dollars, particularly if the cost of care continues to rise.
Buck Stinson, president of US Insurance Products at Genworth Financial, said: Long term care is a growing issue for our aging population. America needs to prepare now for the challenges that face us tomorrow. Planning for long term care is an important and necessary step that more Americans need to take.”
TRS’ new relationship with Genworth will provide a portfolio of long term care planning solutions with flexible features and benefits.
Peter Lucas, vice president of Genworth’s Group Long Term Care Insurance Business, said: “We are excited about the combined strength of TRS’ membership affinity and Genworth’s experience and reputation in long term care insurance. This relationship offers a unique opportunity to dramatically expand long term care coverage in Texas through a product and service platform designed specifically for TRS members and retirees.”
The TRS group long term care insurance program will be available during the Fall enrollment period beginning September 15, 2009. Active TRS members will receive a one-time opportunity to obtain coverage with reduced underwriting during the initial enrollment period.