Genworth Introduced New Family Caregiver Benefit
Long-term care policyholders can now receive compensation for care provided by family members.
Updated on Oct. 6, 2026 in Eldercare
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Genworth Financial has launched a new benefit allowing policyholders to use their coverage to pay family members for care services. This change aims to support the estimated 59 million Americans who currently assist adult family members or friends.
Why it matters
As the demand for professional caregivers often exceeds current supply, this policy modification provides a financial pathway for families who prefer care from trusted relatives. It marks a shift in how insurance benefits can be utilized to support existing home-care arrangements.
The benefit allows for payouts reaching 75% of the median hourly non-medical care cost, as determined by the CareScout Cost of Care Survey. This model addresses the national trend of 59 million Americans providing care to adults, though specific regional availability depends on regulatory approval.
The players
Genworth Financial
A Richmond-based insurance provider specializing in long-term care insurance and financial products for retirees.
The details
Policyholders must elect this coverage voluntarily, which modifies their existing policy features to permit compensation for family members. Payments are indexed to the hourly rates identified in the CareScout Cost of Care Survey to ensure coverage aligns with local market prices for non-medical care.
Timeline
Genworth announced the Family Caregiver Benefit on October 6, 2026.
Health Landscape
This benefit aligns with broader industry efforts to adapt long-term care models to the realities of an aging population where professional staffing shortages are common. It represents an evolution in how insurance products integrate with established data tools like the CareScout Cost of Care Survey to define home-based support.
Policyholders interested in this option should review their current insurance contract to determine if a voluntary coverage election is available in their state. It is worth discussing with your financial advisor or doctor whether family-provided care meets the long-term needs of your care plan.
The takeaway
This new benefit offers a financial mechanism to support the role of family caregivers in long-term health management. If you hold a long-term care policy, ask your provider if family-provided care coverage is currently approved in your state of residence.
Further reading
For more on planning for home-based support, visit our Eldercare section.
Source note: This article includes information reported by Beinsure: Insurance & InsurTech Media Market Intelligence Platform.
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Should long-term care insurance policies provide coverage for care delivered by family members?
