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 Open Enrollment benefits selection.
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.
Health insurance is designed to pay for medical and surgical expenses related to an illness or injury.
Medicare provides very limited short term coverage, and that only kicks in after a mandatory hospital stay.
Disability insurance is designed to replace a portion of your income and is typically used to pay for basic living expenses when you can’t perform your job.
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:
spouses
adult children
parents
parents-in-law
step parents
step parents-in-law
grandparents
grandparents-in-law
step grandparents
step grandparents-in-law
Family members who apply will be required to go through full medical underwriting.
If you are already enrolled in the Legacy Genworth LTC Benefit:
For those employees who enrolled in the program that was offered by the state in 2010 or prior, there will be no impact to your plan. You will continue your coverage under the former program as long as you pay premiums. There is no change to your premium or coverage. View a comparison of the former and new Group Long Term Care Programs.
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)
You can estimate your costs and enroll online directly through Genworth's website. Please contact Genworth directly with questions.
Payroll Withholding Update: April 16, 2020
Genworth has eliminated all state agencies from offering payroll withholdings for the employee paid long-term care (LTC) benefit ending with May 2020 paychecks. Beginning June 2020, Genworth will automatically update your payment mode to quarterly direct bill. You will receive a bill from Genworth. If you would like to continue your LTC benefit, you will need to set up your own payment method.
Final paycheck dates with Genworth LTC deductions, by pay group:
Please see our Payroll Withholding Update FAQs for additional details.
If you have any questions about your LTC coverage, plan features or future payment choices, please call Genworth Life Customer Service Representatives toll-free at 1 + 866 859 6060 Monday - Friday between 7 a.m. and 7 p.m. Central Time.
Genworth has decided to discontinue the payroll deduction payment method for all Virginia state group Long-Term Care policy holders starting June 2020.
If you have any questions about your LTC coverage, plan features or future payment choices, please call Genworth Life Customer Service Representatives toll-free at 1 + 866 859 6060 Monday - Friday between 7 a.m. and 7 p.m. Central Time.
The default option for direct billing is for quarterly premium payments, however, you will receive a “Request to Change Billing” form from Genworth that provides you a list of the alternative payment methods available to you.
The initial premium is due 30 days from the bill date. If premium is not received, Genworth will send a final billing notice that provides an additional 30 days to remit premium. After the additional 30-day period, if payment is not received, a termination notice is mailed, and coverage will end effective June 1, 2020. The entire process from the initial bill date to the mailing of the termination notice is approximately 65 days. Also, see a Special Notice Regarding the COVID-19 Health Emergency.
For the duration of the COVID -19 Health Emergency, the Virginia Bureau of Insurance of the State Corporation Commission has asked all insurers to consider relaxing due dates for premium payments, extending grace periods, waiving late fees and penalties, and allowing payment plans for premium payments to otherwise avoid a lapse in coverage. We will work with insured individuals during this health crisis to extend as much premium payment flexibility as possible, to allow coverages to stay in-force. Genworth Life will continue to monitor and comply with Virginia, and other state, declarations and recommendations as the health crisis evolves.
If you choose a payment option other than monthly, premiums will be further reduced as follows:
3.94% if you elect to pay on a quarterly basis,
4.63% on a semi-annual basis, or
6.0% on an annual basis.
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 and disability insurance.
Reality: Health and disability insurance were not designed to cover the costs for long-term care.
Health insurance is designed to cover short-term, acute care such as hospital stays, operations, prescription drugs and doctors’ visits, but usually pays little or nothing toward long-term care.
Disability insurance is designed to replace a portion of your income and is typically used to 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