Who should consider long-term insurance?
Regardless of age, anyone could suddenly be in a situation where long-term care services are needed. A broken bone, a chronic disease, or a cognitive impairment such as Alzheimer’s disease could mean months or even years of on-going care. Long-term care insurance is specifically designed to help pay for this kind of assistance.
Is long-term insurance affordable?
The cost of long-term care insurance varies depending on your age and the options you choose. Many people find the group premiums more affordable than expected.
Should I wait until I’m older to buy it?
Long-term care insurance premiums are based on your age when you apply; so typically, the younger you are the lower your premiums will be. A second reason not to wait is that an accident or illness requiring long-term care services could happen at any time. If this happens, it may not be possible to meet the underwriting requirements for coverage in the future.
Do I have to apply in order for my spouse or domestic partner, parents, or other family members to get coverage?
No, eligible family members can apply for coverage whether or not the eligible employee applies.
Can premiums go up in the future? If so, under what circumstances?
No. Genworth Life Insurance Company has priced this coverage conservatively to help avoid future rate increases; however, it does retain the right to raise premiums in the future. Such an increase would have to be reviewed and approved by the Illinois Insurance Department, and it would have to be for an entire class of individuals, not for you as an individual. You cannot be singled out for a rate increase and your premiums will never be increased based on your age, claim, or health status.
Who is the insurance carrier offering this long-term care coverage?
Genworth Life Insurance Company has over 40 years of experience with this type of coverage. As indicated in the company’s current business operations information, Genworth Life’s experience includes:
- Being a leading provider of long-term care insurance with over a million policyholders
- A proven claim servicing capability, including paying out more than $11.5 billion in long-term care Insurance benefits since 1974.
- A conservative approach to pricing
- A multi-year alliance with the Alzheimer’s Association
- The annual cost of care survey, which tracks the costs of long-term care throughout the nation
- The Genworth Financial Long-Term Care Symposium, which brings together elected officials, researchers, caregivers, media observers, and business leaders to discuss the costs and challenges of long
If age 75 is the oldest age for a family member to apply for this program, does that mean the program ends when I (or they) reach age 76?
No. This program will continue as long as you continue to pay your premiums, or when your pool of benefits (Total Coverage Amount) is exhausted.
Will my group long-term insurance plan pay for care provided by family members, friends, neighbors, etc.? If so, how much will the plan pay?
When you become eligible to receive benefits, your plan will pay a limited amount each year for care provided by “informal caregivers” such as family members (who do not live with the insured), friends, neighbors, etc. via the Informal Family Care Benefit only. The Informal Family Care Benefit will pay each year for informal care provided in accordance with your plan of care.
What is the procedure when an insured does not pay premiums on time?
When an insured does not remit premium when due, the following process will be followed:
- An initial period of 31 days will be granted for each premium that is unpaid on the date due. If a premium has not been paid by the end of that 31-day period, Genworth Life will send a notice to the insured person explaining that a payment has been missed and that coverage is in danger of lapsing. The notice will provide an additional 35 days to pay the unpaid premium beginning on the date the notice is mailed.
- If premiums are paid to Genworth Life directly, and the insured person has designated an individual to be notified in case of lapse, Genworth Life will also send a notice to the designee at the address provided.
- Payment will allow coverage to continue in force without interruption. Failure to pay any unpaid premium by the end of the Grace Period will result in the termination of coverage as of the date the premium was initially
What is the requirement for coverage to go into effect?
An eligible employee must be actively at work for at least 30 days before coverage can go into effect. If an eligible new hire applies before completing at least 30 days of employment, the coverage will not become effective until after the 30-day requirement is met.
How long do I need to pay my premiums?
You will continue to pay your premiums as long as you want to keep your insurance in force. Premium payments will stop if you lapse coverage or exhaust the benefits available under the plan.
Once I am receiving benefits under the plan, do I continue to pay premiums?
No. Premium payments will be waived while you are receiving benefits under the Nursing Facility or Assisted Living Facility Benefit, Bed Reservation Benefit, Home and Community Care Benefit or Hospice Care Benefit.
When will this program pay benefits?
Benefits become payable under this program when:
- You need help with at least two “activities of daily living” and will likely need it for at least 90 days,
- You are diagnosed with a cognitive impairment that requires supervision, AND
- A medically licensed healthcare professional certifies that your condition qualifies you.
The activities of daily living are eating, dressing, continence, transferring, bathing, and toileting. In addition, the elimination period (also known as a “waiting period”) must be satisfied, and you must be receiving covered services under a plan of care.
What is an “elimination or waiting period” and how does it work for this program?
Once you qualify for benefits, a “waiting period” of 90 calendar days starts on the first day you receive care and continues for 90 calendar days while you remain chronically ill. You are not required to receive services during these 90 days. Once the elimination period is satisfied, benefits for covered services become payable.
Can I cancel my coverage at any time?
Yes, you can cancel your coverage at any time by notifying Genworth in writing.
How is a claim filed?
When you receive your certificate of coverage, you will receive a toll-free number to contact Genworth Life claim services. Should the need for a claim arise, you or your representative should call that number. After speaking with an intake analyst, you will be contacted by a member of the Care Coordination team. The Genworth Care Coordination team can help in developing your plan of care, providing information on available long-term care resources in your area, and may set up a face-to-face meeting and conduct a needs assessment.
What coverage choices do I have under this plan?
The Genworth Life Insurance Company website offers more information about long-term care insurance and coverage options under this plan. The site has interactive tools to help you understand the coverage options that are available.
For more information about coverage:
- Log on to www.genworth.com/groupltc (link is external)
- Enter the Group Name: STANFORD
- Enter the Access Code: groupltc
- Note: You can apply online
- Or, contact Genworth directly at 800-416-3624 to speak to a Genworth program expert.
- You also have the option to order a printed information kit online or through an agent that contains full details of the program, including important disclosures and applications.