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.
DESCRIPTION OF PLAN:
Genworth Life Insurance underwrites the Group Long Term Care Program available through the Commonwealth of Virginia. Eligibile participants include full-time, part-time employees who work at least 20 hours per week, eligible family members of employees aged 18 through 79, and retirees receiving a VRS benefit.
Long-Term Care Program Features
- Most medical insurance plans don't cover long-term care services such as nursing home care or at-home care to assist with bathing, eating or other activities of daily living. The program helps your employees and retirees with these costs, which could quickly deplete savings and retirement income.
- Employees who are eligible for long-term care coverage under the Virginia Sickness and Disability Program (VSDP) or who have other long-term care coverage may want to participate in this enrollment to obtain additional coverage.
- New employees who enroll in the program within 60 days of employment do not have to provide proof of good health. Active employees do not have to provide proof of good health during the initial enrollment period.
- Employees can choose between three benefit increase options that will allow them to increase their coverage over time to help protect against the rising cost of care.
- Group rates provide more affordable premiums. Employees can pay the premiums through payroll deduction or directly to Genworth. If they arrange to pay them to Genworth on a quarterly, semi-annual or annual basis, they also may receive a discount.
- Premium rates are guaranteed through March 1, 2020.
- Coverage provides a monthly maximum benefit allowance for covered long-term care expenses.
Employees interested in long term care insurance should contact directly at 1-866-859-6060 or you may enroll via the Genworth website .
Enrollment Flyer (pdf)