Long-term care insurance
What is long-term care insurance?
Long-term care insurance provides a wide range of supportive medical, personal and social services for individuals who need assistance for an extended period of time. The plan’s coverage can help protect against the risk of losing savings and assets to meet these needs.
Genworth Life Insurance Company is the plan provider for this benefit and is administering the program on behalf of the Virginia Retirement System (VRS). Following processing and approval of the completed application, participants receive a certificate indicating the effective date of coverage.
Participants in the program are responsible for all premium payments, which are direct-billed to the participating employee. Payments to Genworth can be made on a quarterly, semi-annual or annual basis and may be eligible for discount. Contact Genworth for more information.
Coverage is available to classified staff and faculty who work at least 20 hours per week. In addition to enrolling yourself, you can provide coverage for eligible family members, including your spouse, adult children, parents, parents-in-law, step parents, step parents-in-law, grandparents, grandparents-in-law, step grandparents and step grandparents-in-law who are between the ages of 18 and 79.
It’s easy to apply! Visit the Genworth/VRS website for a customized rate quote and to complete an online application.
Eligible employees under the age of 80 can enroll for coverage at any time. If enrollment is completed within the first 60 days of eligible employment, no evidence of insurability is required for the employee. Spouses and other eligible family members may apply subject to underwriting requirements. Also see this program overview for new hires .
NOTE: This is a limited time offer and there are no plans to offer this coverage in the future under the same application conditions.
Contact Genworth at (866) 859-6060. Following are some of the plan benefits:
- A choice of benefit options including monthly benefit, total coverage and benefit increase options
- Home health care benefit equal to 50 percent of selected monthly benefit option
See also the “Guide to Long-Term Care Insurance,” which is available from America’s Health Insurance Plans (AHIP) and the National Association of Insurance Commissioners (NAIC).