Each year, the original Partnership states (CA, CT, IN and NY) revisit certain minimum benefit requirements to qualify for their Partnership programs. The requirements that are changing for 2021, as well as some (but not all) minimum Partnership requirements that not changing, are listed below.
The following minimum benefit requirements for Partnership in California are not changing for 2021.
|Minimum Daily Benefit||$230||$230|
|Minimum Monthly Benefit||$7,130||$7,130|
The minimum monthly benefit required in 2021 for Connecticut Partnership plans will be $9,095. Because this amount is higher than the current maximum monthly benefit available, we will change the maximum monthly benefit amount for new Connecticut Partnership plans to $9,095 to accommodate the partnership requirements.
|Minimum Daily Benefit||$291||$299|
|Minimum Monthly Benefit||$8,851||$9,095|
The Total Asset Protection for the Indiana Partnership program has increased from $409,537 in 2020 to $430,014 for 2021. The Benefit Increase Options and Daily or Monthly Minimum requirements remain unchanged as follows:
|Minimum Total Coverage for Total Asset Protection||$409,537||$430,014|
|Minimum Daily Benefit||$115||$115|
|Minimum Monthly Benefit||$3,500||$3,500|
|Benefit Increase Option||5% Compound||5% Compound|
A policy that does not meet the requirements for Total Asset Protection can qualify for Dollar for Dollar Asset Protection under the Indiana Partnership Program, provided the policy has a Benefit Increase Option of:
- 5% Compound for ages 74 and younger; and
- 5% Compound or 5% Simple for ages 75 and older
New York Partnership
The minimum daily benefit required in 2021 for New York Partnership Plus plans will be $349. Because this amount is higher than the current maximum daily benefit available, we will change the daily benefit amount for new New York Partnership Plus plans to $349 to accommodate the partnership requirements. The maximum daily benefit amount for Privileged Choice Flex 3 (not eligible for Partnership) in New York will remain $300.
|Minimum Daily Benefit||$337||$349|
- CA, CT, and NY Partnership minimum requirements are based on the date of application.
- Indiana Partnership minimum requirements are based on effective date.
Quest and eSuite will be updated to reflect the new Partnership minimum amounts. For illustrations in CA, please continue to use Quote It!.
If we receive a Partnership application with minimums that are less than those necessary to meet 2021 Partnership requirements, we will amend the application to reflect the 2021 requirements.
- Prior to soliciting new business, verify your producer license is in good standing, you have completed all required CE, and you are in compliance with all applicable licensure requirements. Applications will be returned if all such requirements have not been met as of the date of the application. For up-to-date information on Genworth applications, education and training statuses to go https://pro.genworth.com.