On June 15, 2015, Genworth announced rate increases for certain LTC policyholders in New York (see the original Bulletin ). Today’s Bulletin is intended to answer additional questions regarding the information presented in the June 15th Bulletin.
Reminders
Most policyholders have five options, including several options to avoid or reduce the premium increase:
1. Keep the current coverage by paying the new premium
2. Tailored option to avoid the entire rate increase (“Full Landing Spot”)
3. Tailored option to avoid half the rate increase (“Half Landing Spot”)
4. Reduce benefits to maintain premium at or near current levels
5. Limited Non-Forfeiture or Contingent Non-Forfeiture Options, as applicable