In August 2012, we announced our intention to seek premium rate increases on certain blocks of comprehensive long term care insurance policies, including Pre-PCS, PCS I, and PCS II. During the course of 2012-2014, we implemented rate increases on these blocks of business. In some states, we did not receive the full requested increase. We began submitting requests in these states during the second half of 2014. We have received approvals in a number of these states and are now beginning to implement the second round of increases in New Mexico.
Servicing agents will receive a list of their impacted policyholders in this state prior to the start of policyholder notifications. Policyholder notifications will continue throughout the next year. Impacted policyholders will be notified at least 60 days in advance of their billing anniversary dates.
New Mexico
|
Product Series |
Increase Percentage for Policies with Limited Benefit |
Increase Percentage 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 continue throughout the next year. Impacted policyholders will be notified at least 60 days in advance of their billing anniversary dates.
Agent Notifications Begin: June 21, 2016
Policyholder Notifications Begin: June 28, 2016
In the notification letter, 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.
The New Mexico Department of Insurance has asked that we not provide information to policyholders about reduced benefits in our communication; therefore, we have removed all mention of reduced benefit options from our notification information to New Mexico policyholders. Please provide information regarding a reduced benefit only upon request from your client.
Reminder: The Inforce Rate Action Producer Quote Tool is accessible within individual policies on the LTC policy notification section of Genworth PRO (genworth.com/pro). In addition, an online User Guide is available on PRO to help you learn how to use the quote tool.
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