Genworth Has Launched Family Caregiver Insurance Benefit
Eligible long-term care policyholders can now use insurance to pay family members for care services.
Updated on Oct. 6, 2026 in Eldercare
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Genworth Financial has introduced a new Family Caregiver Benefit that allows long-term care insurance policyholders to use their benefits to compensate family members for care. This voluntary coverage election aims to support the 59 million Americans who currently provide care for adult family members or friends.
Why it matters
As the demand for professional caregivers continues to outpace supply, this benefit provides a financial pathway for families to support loved ones at home using providers they already know and trust. It shifts the support model to account for the reliance on informal, familial caregiving.
The new benefit provides payments for family care up to 75% of the median hourly cost for non-medical care, as calculated by the CareScout Cost of Care Survey. Participation requires a voluntary coverage election, with availability dependent on state regulatory approvals.
The players
Genworth Financial
A Richmond, Virginia-based insurance company that provides long-term care, life insurance, and annuity products.
The details
Policyholders modify their existing policy features to include the benefit, which compensates family members who act as primary caregivers. Payments are indexed to data from the CareScout Cost of Care Survey to ensure regional parity. The coverage must be elected voluntarily by the policyholder to activate the payment structure for family-led care.
Timeline
October 6, 2026: Genworth announced the Family Caregiver Benefit.
The Home Front
This development follows a long-standing documented trend showing that the vast majority of long-term care in the United States is provided by unpaid family members. It marks a departure from traditional policies that exclusively funded licensed, professional agency care.
Check your existing long-term care policy documents to see if your current plan allows for a voluntary coverage election to add this benefit. Contact your insurance agent to confirm if your specific state has granted the necessary regulatory approval for this program.
The takeaway
This change acknowledges the essential role of family caregivers in the modern American household. If you hold a long-term care policy, keep your plan documents updated and contact your representative to ask if the family caregiver provision is currently eligible for enrollment in your state.
Further reading
Learn more about managing home-based support in 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?
