What You Need to Know
Thinking ahead can protect you and your family from the high costs associated with long-term care needs—protecting your savings and allowing you or family members to remain at home longer. Also, the coverage is portable, which means if you leave the Company, the coverage may be continued.
Understanding Long-Term Care
Long-term care provides you financial support so you can make important care-related decisions if you or a family member is diagnosed with a chronic condition, has an accident or illness, or needs age-related care. Long-term care can help cover expenses for skilled, intermediate, and custodial care in your home; an adult care center; and an assisted-living facility or nursing home.
You and your eligible family members can enroll in voluntary long-term care insurance at any time through the Genworth website or by calling Genworth. If you enroll online, you’ll need to select your state and applicant type (e.g., employee). Then, select Get a Quote and complete the form.
Your eligible family members include your spouse, parents and parents-in-law, grandparents and grandparents-in-law, adult children, and siblings and siblings-in-law. You must be actively at work to enroll, and any covered family members must be younger than 76 years old.
If you or your eligible family members decide to enroll after you are first eligible for benefits, you’ll need to complete a longer application and undergo medical underwriting, which may include a medical examination and cognitive assessment.
Using your benefit
A 90-day waiting period applies when you first enroll. After 90-days, long-term care will start paying benefits.
When you have a covered illness or need care, contact Genworth to start the coordination of care process. They’ll help with assessments and the development of a personal care plan. They’ll also determine the percentage of your monthly benefit you’ll receive to apply toward necessary services.
Paying for coverage
You pay for coverage through payroll deductions for your and your spouse’s coverage. Other covered family members pay for coverage by submitting payments directly to Genworth.
Your cost for this coverage is based on:
- Your age,
- The monthly benefit amount you elect,
- The total coverage maximum you elect, and
- If you select a benefit increase option.
Visit the Genworth website for more information about the cost of this coverage.
A benefit increase option increases your monthly benefit amount as you age. Since your expenses are likely to increase as you age, this option helps protect you in the future.
Long-term care provides benefits for:
- Home and community care: nurses, therapists, home modifications, adult day care, and incidental homemaker and chore care
- Assisted living facility care: allows you to live independently with onsite support for daily basics
- Nursing facility care: provides more skilled care, supervision, medication, therapies, and rehabilitation
Learn more about long-term care insurance
Watch a brief presentation on covered services, important decisions, eligibility, and more.