CareScout Long-Term Care Insurance Review

Everything you need to know about CareScout’s long-term care insurance product is not here – that’s because CareScout doesn’t offer LTC – yet.

This article discusses what may be coming to the LTC marketplace soon.

CareScout Long Term Care Insurance Overview

If Ruth Langmore were completing a review about CareScout long-term care insurance products, she would probably say…I don’t know sh*t about Fu*k!

Meanwhile, I’m drinking my coffee, listening to the Genworth webcast when I heard CEO Tom McInerney drop this gem…

spill coffee

“We are also working to build the foundation necessary to re-enter the long-term care insurance market through our CareScout insurance business.”

Genworth Fiscal Year Ended Dec 31, 2023 Earnings Webcast

Time to do some research about CareScout.

Who is CareScout?

CareScout is a wholly-owned subsidiary of Genworth Genworth Financial, Inc. and an affiliate of Genworth Life Insurance Company.

CareScout is a network of care providers and resources for the baby boomer population.

The CareScout network helps with home care, assisted living care, nursing care, etc. using a concept called “Person Centered Care.”

As a care provider, once CareScout approves you, you’ll have access to 1 million Genworth long-term care insurance policyholders.

Like other LTC companies, Genworth has taken a beating with its legacy long-term care insurance products.

Who Can Use CareScout?

Genworth long-term care insurance policyholders may use CareScout.

The benefit to policyholders using CareScout is discounted service prices compared to providers outside the network.

Consumers who bought Genworth LTC policies in Texas have had access to the CareScout network for some time now.

CareScout currently has 125 providers as of 2023 and expects to have 600 providers by the end of 2024.

The benefit to Genworth policyholders is the discounts they receive for using providers in the CareScout network.

If you’re a provider, the benefit is access to 1 million Genworth LTC owners who may need services someday.

Genworth benefits by potentially saving money on its claims costs.

CareScout Long-Term Care Insurance Products

CareScout does not offer long-term care insurance products as of March 2024.

Check back often; we’ll update this post as soon as we learn about new offerings.

With that said, if you guessed what CareScout LTC policies will look like, you can probably make a few assumptions based on known information.

Home Health Care – I would bet that any CareScout LTC product will offer good quality home health care services since CareScout is building a network of home care providers.

Person-Centered Care Features – A big focus of CareScout is person-centered care, so it stands to reason that CareScout LTC products will offer physical, mental, spiritual, and social elements to aid consumers.

Reduced Benefit Options (RBO) – When you look at what Genworth has done to get consumers to take reduced benefits, a good guess may be to assume that CareScout long-term care insurance policies will not have the same level of benefits that the legacy Genworth policies have.

Long-Term Care Guarantees – It remains to be seen what types of guarantees the CareScout LTC policy will have.

Will the policies offer traditional long term care benefits, or will CareScout policies offer hybrid type policies with full guarantees like Nationwide Care Matters II, Lincoln Moneyguard Fixed Advantage and other carriers.

CareScout Financial Strength Ratings

Will CareScout Insurance issue its long-term care policies, or will Genworth issue policies?

I have no clue, but something that they will need to overcome is their financial strength ratings which currently suck.

Here are the current ratings of Genworth companies as of 3-3-2024

CompanyAM Best
Genworth Life Insurance CompanyC++
Genworth Life & Annuity Insurance CompanyB-
Genworth Life Insurance Company of NYC++

Final Thoughts

It will be interesting to see what happens with CareScout long-term care insurance.

On one hand, Genworth has a lot of experience with long-term care, so I think that any new policies issued by CareScout should be accurately priced.

The flip side is how will consumers and financial advisors feel about offering CareScout long term care policies?

I was a financial wholesaler when Genworth sold policies in the late 90’s and early 2000’s.

Genworth, and other companies like CNA, Penn Treaty, Transamerica and John Hancock hurt a lot of consumers and agents with their policies. If policies were priced accurately from the beginning, consumers would have never been ripped off and agents would not have lost countless client relationships because of Genworth.

Hopefully, CareScout has learned some lessons before they issue their first policy.

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