Long Term Care Insurance
The Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program, administered by VRS and underwritten by Genworth Life Insurance Co., provides a maximum monthly benefit for covered long-term care expenses.
As a state employee, who is eligible for benefits at UVA, you may be eligible to participate in this employee-paid program.
Enrollment in the Long-Term Care Insurance program is conducted through Genworth, and is not associated with UVA's benefits.
What is Long Term Care Insurance?
Long Term Care insurance is designed to help you pay for the care you may need if you are chronically ill. It can help you maintain control over the kind of care you receive and where you receive that care.
Long Term Care Insurance meets needs that health insurance, Medicare, and disability insurance do not cover.
Long Term Care Insurance pays a daily or monthly benefit toward the cost of services from a nursing facility, assisted living facility, adult daycare, or home assistance when you can no longer take care of yourself for the activities of daily living, such as bathing, dressing, or eating. Examples include:
- Help with everyday activities
- Nursing home or residential care facility fees
- Benefits that can help you receive care in your own home
Highlights of the program:
- Benefits received for qualified long term care services are not taxable; premiums paid may be tax deductible, under certain conditions.
- There is an exclusion for pre-existing conditions.
- You do not need to apply for coverage in order for any other eligible family member to apply.
- The plan is fully portable (if you leave UVA, the plan will move with you)
- The plan is only available through Genworth direct billing and electronic funds transfer.
- Premiums will not change due to a change in your age, health or claims status.
Who is Eligible?
Active employees who work at least 20 hours a week and their eligible family members between the ages of 18 and 75 are eligible to apply for the COV Voluntary Group Long Term Care Insurance Program.
Eligible family members include:
- adult children
- step parents
- step parents-in-law
- step grandparents
- step grandparents-in-law
Family members who apply will be required to go through full medical underwriting.
What are the Costs?
Premiums vary by age and plan design. When selecting a plan, there are three key decisions to make:
- Selecting a monthly maximum (maximum benefit available each month to reimburse covered long term care expenses)
- Selecting a coverage maximum (the total amount of money available to reimburse you for covered expenses for the rest of your life)
- Selecting a benefit increase option (this helps your coverage grow over time)
Visit the Genworth website for details.
How Do I Enroll?
You can estimate your costs and enroll online directly through Genworth's website. Please contact Genworth directly with questions.
Common Misconceptions About Long Term Care
There are many myths and misconceptions about long-term care and long-term care insurance. Knowing the realities might help you decide whether long-term care insurance should be part of your plan.
Myth: I’m already covered with my health insurance, Medicare, and/or disability insurance.
Reality: Health and disability insurance were not designed to cover the costs for long-term care.
- Health insurance covers short-term, acute care such as hospital stays, operations, prescription drugs and doctors’ visits, but usually pays little or nothing toward long-term care.
- Medicare: provides limited short-term coverage after a mandatory hospital stay.
- Disability insurance: replaces a portion of your income to help pay for basic living expenses when you can’t perform your job.
Myth: My friends and family will take care of me.
Reality: Caregiving can be very difficult. People who go through it are often unprepared for the physical and emotional strain. Consider these issues as you think about whether relying on friends and family would be a good option for you.
The goal of long term-care insurance is to help you maintain your lifestyle as you age. Long-term care insurance helps to reimburse the expenses for care you may need if you are unable to perform activities of daily living on your own. Things like eating, bathing, dressing, transferring and using the bathroom. Such financial assistance can lessen the financial and emotional toll on your loved ones while protecting your savings.
Long Term Care Insurance Frequently Asked Questions
See all FAQs.