In-Force Rate Action Announcement: Washington DC (PCS II)

> PCS II with Stable Premium Option As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Washington DC has now allowed the following increases: Washington DC Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods PCS II 10% 10%   Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin
Read More

Categories: Genworth, Industry News, and Long-Term Care.

Penn Treaty Surcharge

Penn Treaty Surcharge for Active Long Term Care Policyholders Resident in California Genworth Life Insurance Company (GLIC)and Genworth Life and Annuity Insurance Company (GLAIC) (GLIC and GLAIC, collectively Genworth) recently started mailing California Resident LTC policyholders seeking recoupment for assessments made against Genworth by the California Life and Health Insurance Guarantee Association (CLHIGA) for the 2017 Penn Treaty insolvency. CLHIGA assessed all companies writing health insurance in California to make up the shortfall needed to pay Penn Treaty claims caused by that insolvency. This assessment is not unique to Genworth, and Genworth has no affiliation with Penn Treaty. California law
Read More

Categories: Genworth, Industry News, and Long-Term Care.

Arkansas Online Payment of Licensing Fees, Effective January 1, 2020

As a reminder, effective January 1, 2020, the Arkansas Insurance Department will no longer accept paper checks for licensing fees and will no longer send paper renewal forms through the mail. All renewal fees and application fees will be processed electronically through www.nipr.com. Attached is Arkansas Bulletin No. 12-2019 for your reference. If you have any questions about the bulletin, please contact the AR Insurance Department’s licensing division at (501) 371-2750 or by email to insurance.license@arkansas.gov.   Arkansas Online Payment of Licensing Fees, Effective January 1, 2020   #goldencareagent #genworth
Read More

Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Vermont (Pre-PCS, PCS I, PCS II, Choice 1)

> PCS II with Stable Premium Option > Choice 1 with Stable Premium Option As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Vermont has now allowed the following increases: Vermont Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 69.78% phased 30.3%, 30.3% cumulative 69.78% phased 30.3%, 30.3% cumulative PCS I 125.5% phased 31.2%, 31.2%, 31% cumulative 125.5% phased 31.2%, 31.2%, 31% cumulative PCS II 136.68%
Read More

Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Vermont (Privileged Choice® and Classic Select®)

> Privileged Choice® and Classic Select® with Stable Premium Option > 1% Benefit Increase Option As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Vermont has now allowed the following increases: Vermont Product Series Increase Percentage Privileged Choice 22.4% Classic Select 22.4%   This rate increase applies to AARP® and non-AARP policies. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder
Read More

Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: New Mexico (Pre-PCS, PCS I, PCS II, Choice 1)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. New Mexico has now allowed the following increases: New Mexico Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 15% 15% PCS I 15% 15% PCS II 15% 15% Choice 1 15% 15%   Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications.
Read More

Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Ohio (Pre-PCS, PCS I, PCS II)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Ohio has now allowed the following increases: Ohio Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 15% 15% PCS I 15% 15% PCS II 15% 15%   Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin February 4,
Read More

Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Oregon (Choice 1)

> Choice 1 with Stable Premium Option As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Oregon has now allowed the following increases: Oregon Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Choice 1 55% 72%   Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin January 28,
Read More

Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Kansas (Pre-PCS)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Kansas has now allowed the following increases: Kansas Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 39% 117%   This rate increase applies to non-AARP, non-partnership policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin January
Read More

Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Kansas (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Kansas has now allowed the following increases: Kansas Product Series Increase Percentage Privileged Choice 37.2% Classic Select 37.2%   This rate increase applied to Non-AARP and AARP® policies. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin January 28, 2020 and will continue throughout the next year.
Read More

Categories: Genworth, Industry News, and Long-Term Care.