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.
Florida has now allowed the following increases:
| Florida | |
| Product Series | Increase Percentage for Issue Ages: |
| Privileged Choice and Classic Select |
For shared policies only: Ages 18-70: 98.1% phased (25.6%, 25.6%, 25.6% cumulative) For individual and shared policies: Age 71: 88.4% phased (23.5%, 23.5%, 23.5% cumulative) Age 72: 78.5% phased (21.3%, 21.3%, 21.3% cumulative) Age 73: 69.5% phased (19%, 19%, 19% cumulative) Age 74: 58.9% phased (16.7%, 16.7%, 16.7% cumulative) Age 75: 48.9% phased (14.2%, 14.2%, 14.2% cumulative) Age 76: 39.4% phased (11.7%, 11.7%, 11.7% cumulative) Age 77: 29.5% phased (9%, 9%, 9% cumulative) Age 78: 19.4% phased (6.1%, 6.1%, 6.1% cumulative) Age 79: 9.9% phased (3.2%, 3.2%, 3.2% cumulative) Age 80+: 0% |
Policyholder notifications will show that Genworth will not implement an additional rate increase for 8 years from their effective date of the first phase of this increase.
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 September 25, 2018 and will continue throughout the next year. Impacted policyholders will be notified at least 60 days in advance of their billing anniversary dates.
* If we have your email address on file, you will receive an agent notification through email. If you do not receive an email, you will receive a hardcopy notification.
NOTE: Policyholders currently on claim will still receive a rate increase notification. However, if they are on waiver of premium, the rate increase will not apply until the premium is no longer waived and becomes due.
Policyholders are encouraged to call our Customer Service Team at 877-710-0817. Our team will be able to answer questions and provide policyholders with information about how they may be able to reduce premiums.
In-Force Rate Action Announcement: Florida (Privileged Choice® and Classic Select®)
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