"We've all heard the stories of women outliving their spouses and being left with a financial situation that's less than ideal because they weren't an active part of the planning process," said Olympic Gold Medalist Wendy Boglioli, National Spokesperson for Genworth. "There's an interesting juxtaposition between what women know as being a somber reality if they are unprepared for a potential long term care event and the fact that they are still not having these conversations with their loved ones. My hope is that our ongoing efforts to educate and elevate awareness around long term care will eventually close the planning gap."
Women face unique challenges in planning for long term care in that they are typically impacted twice, as the primary caregiver during an event and then as recipients themselves. It's important for those facing these unique situations to lay the groundwork and initiate conversations with family members in order to be physically and mentally prepared.
Planning to Maintain Your Lifestyle
Almost 60 percent of Americans do not have a plan in place to provide for future long term care needs, despite the fact that long term care planning is a necessary means to maintain quality of life. This month, during Long Term Care Awareness Month and beyond, Genworth encourages Americans to educate themselves on their long term care options and face their planning fears."The crucial first step of any long term care plan is to have the conversation with loved ones about where you want to be and how you want to live should you require long term care in the future," said Steve Zabel, senior vice president of Long Term Care Insurance at Genworth. "People often cite money restrictions as a reason to not create a plan, however, not having a basic game plan that allows loved ones to have a general understanding of your wishes could prove to have serious financial repercussions." Let's Talk Genworth believes that families benefit from being proactive about long term care planning. Genworth's "Let's Talk" campaign was developed to help families initiate conversations about long term care preferences, options, and strategies. The campaign's website, caringtalk.com, offers tips and advice on how to break the ice with family members, guidance from experts, helpful "Do's and Don'ts", and advice from people who have taken the important first step of discussing long term care with their own families. Tools and resources such as AskWendyB [ http://www.askwendyb.com/ ], an information rich blog by Olympic Gold Medalist and Genworth National Spokesperson Wendy Boglioli are also accessible to families nationwide. About the Study The '2012 State of Planning Survey' is a national survey conducted by ORC International on behalf of Genworth. The survey was fielded via landline methodology from October 4-7, 2012. Nearly 900 adults ages 35+ were surveyed. The survey holds a 95% confidence with 3% margin of error. Additional information about the survey, tips and advice and related video content can be accessed via our multimedia news release. 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.