Genworth Life Insurance Company has notified VRS that the company will no longer accept new enrollees in the Commonwealth of Virginia (COV) Voluntary Long-Term Care Insurance program, effective December 31, 2016. This change is a result of parent company Genworth Financial Inc.'s ongoing restructuring plan.
In 2010, VRS entered into an agreement for the COV long-term care plan with Genworth. That agreement remains in place at this time, and Genworth has confirmed it will honor the terms of all currect policies as well as any received through December 31, 2016.
VRS will keep employers and members informed as we gain more insights.