Effective today, in the following states: CA, CT, FL, HI, IN, MD, MT, NY, the following changes have been made to Privileged Choice® Flex 1 and Privileged Choice® Flex 2:
- Minimum issue age raised from 18 to 40
- Genworth no longer allows clients to purchase multiple Genworth individual long term care insurance policies
Click here for the full Genworth bulletin on these changes.
Single Policy Rule Q&A:
Q. Can my client own multiple long term care insurance (LTCI) policies from Genworth Life Insurance Company (Genworth)?
A. If your client already owns one or more individual LTCI policies from Genworth, they can keep them. However, as of today (to purchase a new Genworth LTCI policy, they will need to replace any of the current Genworth individual LTCI policies they may have, including AARP-endorsed and LTC Business Solutions policies. If your client owns a group or a linked benefits policy (other than an AARP- Endorsed Group policy), they can keep it and purchase an individual Genworth LTCI policy in addition to it.
Q. Can my client own one individual LTCI policy from Genworth and another one from a different carrier?
A. Yes. If your client already has an individual LTCI policy with another carrier, they can still purchase an individual LTCI policy from Genworth, as long as the combined Daily Maximum or Monthly Maximum Benefit amounts don’t exceed $400 per day or $12,000 per month, respectively.