Genworth is committed to providing long term care solutions with flexible options and strong benefits that meet the diverse needs of today’s families.
Privileged Choice® Flex 3 (Flex 3) is a Partnership qualified product in Minnesota. Minnesota issued a regulation effective July 1, 2015 that permitted our 2% compound inflation protection option to be Partnership qualified. As of today, November 16, 2015, 2% compound inflation protection will now be available in Minnesota Partnership for all ages.
How are policyholders affected?
Policyholders with policies that were effective on or after July 1, 2015 with 2% compound inflation protection may have been initially notified that their coverage was not Partnership qualified. These policyholders will receive notifications that their policies are now Partnership qualified. This mailing will occur in November 2015.
Policies applied for on or after today that include 2% compound inflation protection, will be issued as Partnership eligible.
What is long term care partnership?
The Long Term Care (LTC) Partnership Program is an alliance between states and insurance companies to help Americans maintain their financial security during retirement by preparing for potential long term care needs.
Long Term Care Insurance Partnership policies help protect policyholder’s assets. For every benefit dollar policyholders receive under a Partnership policy, they receive an equal dollar asset protection under the state’s Medicaid spend-down requirements. As a result, policyholders are able to retain assets they would otherwise have to spend down prior to qualifying for Medicaid benefits.
Residents can participate in their state’s LTC Partnership program by owning an eligible long term care insurance policy. There is no added premium cost for obtaining a Partnership-eligible ling term care insurance policy.