Each year, the original Partnership states (CA, CT, IN and NY) revisit and adjust minimum benefit requirements to qualify for their Partnership programs. The following information outlines the changes for 2017.
To qualify for Partnership in Connecticut, policies must meet these minimum daily/monthly benefit requirements:
|Minimum Daily Benefit||$256||$265|
|Minimum Monthly Benefit||$7,787||$8,061|
The daily and monthly Partnership minimums for policies issued in Indiana will not change in 2017. There is a new minimum total coverage amount for total asset protection.
|Minimum Total Coverage
for Total Asset Protection
|Minimum Daily Benefit||$115||$115|
|Minimum Monthly Benefit||$3,500||$3,500|
Policies that do not meet the criteria for total asset protection will receive dollar-for-dollar asset protection. Total asset protection also requires the purchase of 5% compound inflation protection.
For additional information on requirements for total asset protection in Indiana, see 2017 Indiana Partnership Policy Minimums for Total Asset Protection.
The minimum daily benefit required in 2017 for New York Partnership Plus plans will be $304. Because this amount is higher than the current maximum daily benefit available, we will change the daily benefit amount for New York Partnership Plus plans to $304 to accommodate the partnership requirements. The maximum daily benefit amount for Privileged Choice® Flex 3 in New York will remain $300.
We do not currently have details on changes for California Partnership. If there is a change, we will get that information to you as soon as possible.
CT and NY Partnership minimum requirements are based on the date of application.
Indiana Partnership minimum requirements are based on the policy effective date. Applicants who choose the Conditional Insurance Agreement, provide the necessary premium and meet underwriting requirements will be issued policies with an effective date that matches their date of application. Genworth must ensure that Partnership policies issued January 1, 2016, or later meet the new minimum benefit requirements. Therefore, to allow for mailing and underwriting time, applicants who choose a later effective date should include a benefit amount that meets the 2017 requirements in their state.
Please note that our quote tools will be updated on 1/17/17 to reflect the new Partnership minimum amounts. It is very important to be sure you use the new 2017 minimums when quoting premiums for Partnership policies that will be applied for on 1/1/17 or later.