Genworth Financial Inc. has developed a long term care insurance product aimed at consumers on tight budgets.
The new Cornerstone Advantage policy, now available in 20 states, can cost as little as $75 per month for a typical 55-year old married consumer, according to Genworth, Richmond, Va.
The policy pays for home care and assisted living facility care as well as nursing home care.
Product designers held costs down by using features such as deductibles and co-payments, Genworth says.
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