> Privileged Choice® and Classic Select® 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 Percentage |
| Privileged Choice | 48.1% |
| Classic Select | 48.1% |
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 18, 2020 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 stating your list of impacted policyholders is on Genworth PRO (genworth.com/pro). Agents receiving an email will not receive a hardcopy notification in the mail.
If you do not receive an email, you will receive a hardcopy notification in the mail.
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.
In addition, with this premium increase, eligible Privileged Choice and Classic Select policyholders may consider the Stable Premium Option to adjust coverage to help mitigate both the current and already planned future increases and to lock in the new premium until at least 2024. This option includes a specific set of benefits shown in their premium increase notification.
See the Privileged Choice and Classic Select Stable Premium Option bulletin dated July 1, 2019 for details.
Policyholders are encouraged to call our Customer Service Team at 800-883-1127. Our team will be able to answer questions and provide policyholders with information regarding the Stable Premium Option and other ways they may be able to reduce premiums.
In-Force Rate Action Announcement: Oregon (Privileged Choice® and Classic Select®)
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