Indiana One of Only Two States Experiencing Declining Home Care Costs, Finds Genworth’s Annual Cost of Care Survey

RICHMOND, Va., May 10, 2011 /PRNewswire/ — According to Genworth’s 2011 Cost of
Care Survey, the cost of receiving care in the home, Americans’ preferred long
term care setting, is declining annually in Indiana. Connecticut is the only
other U.S. state experiencing declining annual home care costs.

The median hourly rate to receive care in the home is $18 an hour in Indiana for
home health aide services and $19 per hour nationally. The cost for this type of
care has decreased 0.5 percent a year over the past six years in Indiana, and
increased 1.4 percent per year nationally during this same period.

The cost for a private nursing home room in Indiana has risen 5.0 percent
annually over the past six years, and 4.4 percent nationally. The median annual
rate in Indiana for a private nursing home room is $76,285 per year, slightly
less than the national rate of $77,745 per year.

Nationally, the median annual cost of long term care in an assisted living
facility is $39,135, an increase of 6.0 percent annually over the past six
years. In Indiana, the annual cost of assisted living care is $41,369 and costs
have risen a significant 8.2 percent per year over the same time period.

Click here for an interactive map of long term care costs in 14 regions across
Indiana, as well as nationally.

Knowing Local Care Costs for Productive LTC Discussions

“Understanding local caregiving expenses is an essential first step for families
faced with rising care costs,” said Buck Stinson, president, U.S. Life Insurance
Products at Genworth. “Genworth’s Cost of Care Survey arms consumers with the
knowledge to have informed conversations, whether they are speaking with a
family member, a care provider or financial professional, about how they might
realistically pay for care.”

Now in its 8th year, Genworth’s Cost of Care Survey not only provides Indiana
residents with national and local long term care cost data, but also information
on cost inflation over time. Armed with this information, consumers and their
advisors can:

— Develop a comprehensive financial plan to cover anticipated future long
term care costs
— Conduct an informed discussion with family members to address future
long term care needs and preferences
— Negotiate more effectively with providers of long term care services

Negotiating With Care Providers: It Never Hurts to Ask

Some consumers may be surprised to learn that they have the power to negotiate
with care providers to help contain costs. Care providers, particularly assisted
living facilities and home care agencies, often face stiff competition in their
local markets. Consumers should feel comfortable addressing the issue of costs,
and the opportunity to lower them, when discussing care options with a provider
of long term care services. Genworth’s Cost of Care Survey provides localized
cost data that empowers families to confidently discuss care costs and options
with service providers.

Know What to Ask: Tips for Reducing Caregiving Costs

While nursing homes generally do not discount their rates because they are
strongly influenced by the effect of Medicare/Medicaid on their overall business
plans, assisted living facilities and home care providers are more apt to do so.
Tips on where to start when negotiating with a long term care provider include:
— Know Local Costs:Genworth’s Cost of Care Map provides the median cost of
long term care across the U.S., including 14 regions in Indiana, to help
consumers plan for the potential costs associated with the various types
of long term care available in their preferred location and setting.
— Fee Waivers:Assisted living facilities often charge a one-time fee when
a client first moves in. If the facility is in a competitive market, or
has a surplus of vacant units, they may discount or waive this fee (or
offer other discounts such as free rent for a period of time).
— Special Rates: Facilities will sometimes have a special rate if
residents move in at the first of the month or during a time that is
known to have higher vacancy rates.
— Vacancy Rates: Facilities may allow a resident to choose a more
expensive room, at a lower price, if vacancies are currently high.
— Lower Hourly Rates: Home care agencies may lower their hourly rate if
the services needed are easy to staff and long term, such as a weekday
schedule that is predicted to last several months.
— Shop Around: If a home care agency’s fees are at the high end of the
local range, they may lower rates if they know the client is
interviewing several agencies and cost is an important factor. Let care
providers know if a lower rate has been quoted elsewhere for the same
services.
— Premium Waivers: Agencies usually charge a premium for weekend services.
For a client that also engages services for a significant amount of
weekday hours, the agency may waive this premium.
— Ask for an Upgrade: Nursing homes generally do not discount their rates,
however, certain extra amenities, or a private room upgrade, may be
available under certain circumstances.

It is important to note that most of these price concessions are based on the
availability of staff, or residential units, which is a factor that fluctuates
often for some businesses. Contacting several providers before making a final
decision offers the best chance of securing safe, appropriate services at a
reasonable rate.

“While consumers should seek out quality and value when shopping for long term
care, it is crucial that they have a financial plan in place to pay for long
term care,” said Stinson. “The cost of long term care remains one of the biggest
risks to one’s retirement security, especially with ever-increasing healthcare
costs.”

For consumers interested in learning more about the cost of care in their local
market, Genworth offers an interactive map of long term care costs in 437
regions across all 50 states, including 14 regions in Indiana, at
www.Genworth.com/CostofCare. The site offers a range of educational tools that
help consumers compare costs across geographies, project future costs and share
comparisons and calculations with family, friends or a financial professional.

Additional Resources:

— Genworth’s “Let’s Talk” campaign was developed to help families initiate
conversations about long term care preferences, options, and strategies.
— Genworth Celebrates Caregivers Facebook Page: Caregivers can have their
questions about caregiving challenges answered by a professional care
advocate.
— An interactive Cost of Care press release containing downloadable
content is available at:

http://multivu.prnewswire.com/mnr/genworthfinancial/49612.

About Genworth’s 2011 Cost of Care Survey

Genworth’s Cost of Care Survey, is the most comprehensive study of its kind,
covering nearly 15,500 long term care providers nationwide. The survey includes
437 regions which cover all Metropolitan Statistical Areas defined for the 2010
U.S. census. Genworth annually surveys the cost of long term care across the
U.S. to help Americans plan for the potential costs associated with the various
types of care available in their preferred location and setting. CareScout®,
part of the Genworth Financial family of companies, has conducted the survey
since 2004. Located in Waltham, Massachusetts, CareScout has specialized in
helping families find long term care providers nationwide since 1997. Genworth’s
2011 Cost of Care Survey was conducted during January, February and March 2011.

About Genworth Financial

Genworth Financial, Inc. is a leading Fortune 500 global financial security
company. Genworth has more than $100 billion in assets and employs approximately
6,500 people with a presence in more than 25 countries. Its products and
services help meet the investment, protection, retirement and lifestyle needs of
more than 15 million customers. Genworth operates through three segments:
Retirement and Protection, International and U.S. Mortgage Insurance. Its
products and services are offered through financial intermediaries, advisors,
independent distributors and sales specialists. Genworth Financial, 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 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.

Cost of Care press kit, including broadcast elements and B-roll, can be obtained
on Genworth’s Newsroom.

SOURCE Genworth Financial, Inc.