NEW YORK, March 10, 2022 /PRNewswire/ — On a mission to improve the aging at-home experience, insurance product and solution innovator, HCG Secure, today announced the official launch of its first solution for short-term care, Home Care Secure, designed to fill a crucial missing piece throughout the aging process by providing a fixed cash benefit to pay for custodial home care in times of need.
HCG Secure was founded by healthcare and insurance veterans who all individually have experienced the challenges of supporting loved ones through their aging process. Collectively, they wanted to bring their decades of experience and build solutions directly serving the consumer and minimize the hardships that come with having an aging loved one.
“Many individuals we’ve spoken to share our experience of being a family caregiver. They know how challenging it can be to arrange, manage, and pay for care services,” said Tom Beauregard, CEO and Founder of HCG Secure. “We have created a solution that will put money in the hands of the policyholder to be used in times of need, incorporating important funding and navigation solutions into unique and affordable products. Home Care Secure allows families to plan ahead with the assistance of trained care coordinators, be empowered and prepared by their choices, minimizing the emotional stress and financial burden for families.”
According to estimates by the U.S. Department of Health and Human Services, 75% of Americans say they want to age at home and 84% over the age of 65 say they will rely on family members for their care when they need it. Typical custodial care services such as personal care or home care services come at a cost of nearly $50,000 for the average household and can cost loved ones an average of $300,000 in lost wages and benefits if they have to leave work to substitute for professional care.
“Older adults need solutions that help them plan for functional decline and pay for the cost of support services when they’re required. These are costs that Medicare, ACA, and most commercial insurance does not cover, leaving families to fill in the gaps with their time, effort, and savings,” said Bill Novelli, Distinguished Professor at the McDonough School of Business, Georgetown University and Former CEO of AARP.
Home Care Secure is a short-term home health care insurance product providing financial resources to individuals to comfortably remain at home when they need personal care, without having to be admitted into a healthcare facility. The product offers annual lifetime benefits from $20,000 – $60,000, (translating into weekly cash payments of $400 – $1,200 for up to 50 weeks) at affordable rates. For example, if an individual purchases a policy at age 60 with $60,000 in coverage, they will receive a monthly check for $1,200 for up to 50 weeks should a need arise, and the policy is triggered. The payment comes in the form of a check – paid directly to the policyholder. The policy also offers access to discounted resources, such as trained care coordinators, to procure the help needed to recover and age safely at home.
Currently available through a network of Agents and Financial Advisors across 22 states, anyone between the ages of 35 and 84 is eligible to apply via a simplified underwriting process, and no medical exam is required. Home Care Secure is underwritten by AM Best A- rated carrier Guarantee Trust Life (GTL) and can be purchased through brokerages and partnership channels such as AmWINS.
Christopher Reilly, Senior Vice President and National Practice Leader at AmWINS said, “We have been looking for innovative solutions for our Members to protect their assets, provide meaningful care planning support and help them navigate challenging moments in their lives. This program fills a huge gap in the market given the significant exodus of Long-term Care providers in the marketplace.” Cathy Colburn, Senior Vice President of Amwins Affinity, elaborated “Since launching this campaign with renowned and esteemed organizations, such as the American Legion Auxiliary and the VFW Auxiliary, the feedback has reinforced our hypothesis that Home Care Secure is the key to helping individuals and their caregivers – in advance of their time of need.”
Aside from the financial freedom of being paid directly, customers and their immediate family members are also able to leverage Home Care Secure’s network of discounted resources which provide valuable benefits and services for those who wish to age at home.
Home Care Secure Insurance from Guarantee Trust Life Insurance Company is now available in 22 states, with additional states to be announced later this year. For more information on Home Care Secure’s product features and availability, visit www.hcgsecure.com, or call 1-844-HCG-BRKR (1-844-424-2757). For more information on Guarantee Trust Life Insurance Company, visit www.gtlic.com.
About HCG Secure:
HCG Secure innovates with the end customer in mind – providing individuals and families with the resources, support, and navigation to age confidently. Our current offerings include indemnity insurance coverage for short term home health care, tools and assistance at your time of need – now, or in the future. For more information, visit www.hcgsecure.com.
HCG Secure operates as Home Care Genie™.
SOURCE HCG Secure