Genworth Urges Americans to 'Take Note and Talk Care': Latest Research
Reinforces the Need for Proactive Long Term Care Planning
Men now providing care almost half the time
RICHMOND, Va., June 12, 2013
RICHMOND, Va., June 12, 2013 /PRNewswire/ --According to recent data from
Genworth men are taking an increasingly active role in caregiving. The data
also shows the impact of long term care on caregivers and care recipients;
money, time spent and emotional issues could be minimized if those involved
take a more proactive role towards planning.
The data reveals that caregivers on average spend $8,080 on out-of-pocket
expenses, with one-third providing 30 or more hours of care per week. In
addition, more than half (58 percent) reported cutting into discretionary
spending including eating out, new clothes or a new car because of caregiver
responsibilities. Care recipients are also impacted as a result of their care
needs with more than a third admitting to cutting back on family celebrations
(36 percent) and basic needs like groceries (32 percent).
"The financial impact of caregiving is not the sole reason for making a plan,"
said Wendy Boglioli, National Spokesperson for Genworth. "Beyond dollars,
there are emotional and even physical issues that caregivers and care
recipients face that can often be avoided by simply having this critical
conversation and by coming up with a care coordination plan should a long term
care event occur. As the summer months kick off and with Father's Day,
graduations and barbeques on the calendar, Americans will be spending a lot of
time with their families. Family members can take advantage of these
opportunities to initiate a conversation with loved ones about their long term
care wishes, including who will be providing care and where that care will be
Study data also reveals that the role of caregiver, predominately held by
women (52%), is seeing an influx of males (48%). The average caregiver is 49
years old and 61 percent are married and earning an average income of $67,900
a year. More than half (59 percent) are caring for a parent, and 44 percent
were or are caregivers for three years or more.
"What's concerning about the statistics uncovered, is that the people who are
often providing the care are at life stages where they also need to start
thinking about their own care plans, but are not," Boglioli continued. "Now is
that time. Lead by example. Sit with your loved ones and map out their care
wishes in addition to how you would like to receive care, should the need
arise, and how you will make it all work. It will help you and those who may
need to care for you immensely in the long run."
In the coming months, Genworth will release the full study taking a deeper
look into the challenges that caregivers and care recipients face. In the
meantime, additional information and resources to help with creating a long
term care plan can be found at Genworth's Let's Talk website. Let's Talk
offers tips for initiating conversations about long term care, retirement and
financial planning. Consumers can also get a weekly dose of reality on how to
be "Financially Sound, Physically Strong" from Genworth's national
spokesperson and Olympic Gold Medalist, Wendy Boglioli, at AskWendyB.
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 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 and the wealth management
business presented as discontinued operations. Products and services are
offered through financial intermediaries, advisors, independent distributors
and sales specialists. Genworth Financial, Inc., headquartered in Richmond,
Virginia, traces its roots back to 1871 and became a public company in 2004.
For more information, visitgenworth.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 ofgenworth.com.
SOURCE Genworth Financial, Inc.
Contact: Tom Topinka, Genworth Financial, 804-662-2444,
Thomas.Topinka@genworth.com; or Jessica Fuller, Prosek Partners, 212-279-3115
ext. 256, firstname.lastname@example.org
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