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What are my options?
We understand that premium increases may create significant challenges for our policyholders and we are committed to helping you figure out what option may best meet your wants and needs. If you are NOT currently receiving benefits*, you have several options from which to choose in order to maintain a premium pricing level that may better suit your needs and budget.
Generally speaking, our long term care insurance policyholders who receive a premium increase notification may select one of the following options:
Please note: Not all features and benefits are available in every state or to every policyholder. Your particular policy may have additional options that can be adjusted or applied as well.
When making this decision, please carefully review your policy and consider how changes to your policy will affect the long term care coverage you may need. You may want to talk through the options with your loved ones, financial advisor, or insurance agent.
Additionally, it may be helpful to consider the current cost of care in your area. Genworth's Cost of Care Survey is a source for this information that is updated annually.
If you adjust your policy benefits and later change your mind, you will need to notify us in writing within 60 days of our written confirmation of your benefit reduction. After that 60 days, they cannot be changed back to the benefits that were originally selected.