Genworth Financial has introduced My Future, My Plan, a suite of long term care insurance plans created exclusively for AARP members in several U.S. locations, including Washington, D.C. and Virginia.

Genworth said in a statement that My Future, My Plan is the result of the Richmond, Va.-based company combining its expertise in the area of long-term care insurance products with what it has learned about AARP’s demographic. The program allows AARP members to access Genworth services while maintaining the ability to customize a plan that falls within their price range, meeting their lifestyle needs, the insurer said.

AARP members in 18 states can choose one of three pre-selected long-term care insurance plans, tailored to their needs and designed specifically to reflect membership demographics. All plans include the option of home care, assisted living and nursing home services along with flexible features designed for AARP members.

In addition to Washington, D.C., and Virginia, the product is available in Alabama, Arkansas, Colorado, Georgia, Idaho, Illinois, Iowa, Louisiana, Minnesota, Mississippi, Nebraska, New Mexico, North Dakota, South Dakota, Tennessee, and Wyoming.

Buck Stinson

Virginia residents can also take advantage of Virginia’s Long Term Care Partnership, an alliance between the private insurance industry and the state government to help Virginia residents plan for future long-term care needs without depleting all of their assets to pay for care. The combination of benefits offered by Genworth’s LTC insurance products and the Partnership Plan provide Virginia residents with financial incentives to take proactive measures to help protect themselves and their families from the growing costs of long term care, the company said.

“Two-thirds of people over age 65 will need long-term care in their lifetimes,” said Buck Stinson, president of insurance products at Genworth Financial, in a statement.

Stinson added that the current economic downturn has “depleted the nest eggs” of many Virginians and those living in the District, “making it more important than ever to plan ahead for future long term care costs.”