On February 29, 2016, Genworth implemented enhancements to their underwriting practices that will help make long term care insurance accessible to more consumers. As a follow up to enhancements made in January (165550BL), they are expanding allowable medical conditions for certain cancers and implementing a counter offer program for qualifying conditions that would have previously been declined. See below for a summary, or click here for full details in the Genworth Bulletin.
These enhancements will be particularly beneficial for couples applying together and only one of them is issued. More applicants may want a policy because their spouse or partner may now be considered for coverage.
Expansion of Allowable Cancer Conditions
Applicants with the following medical conditions can now be considered for a long term care insurance policy. Applicants with these conditions will be considered for a Standard underwriting category and a minimum of a 180 service day elimination period (calendar day not available).
Medical Conditions:
- Bladder Cancer – Stage III with treatment completed 5-10 years ago and no nicotine use within the past 12 months
- Breast Cancer – Stage II with more than 3 positive lymph nodes with treatment completed > 36 months ago
- Prostate Cancer – ages 60-69 in an active surveillance program with disease limited to the prostate and Gleason score 6 or less
- Thyroid Cancer – with lymph node involvement with treatment completed 3-5 years ago
Counter Offer Program
Genworth has established a counter offer program to help more consumers qualify for long term care insurance. Applicants with the following conditions could be considered for a policy with a counter offer at the Standard underwriting category.
Qualifying Conditions:
- Alcohol Dependency – abstinent > 2 years with treated and controlled depression
- Bipolar Disorder (Manic Depression) – prescribed or taking no more than 2 psychiatric medications, stable for > 2 years, and no associated alcohol abuse
- Cardiomyopathy – with implantable defibrillator as prevention only and no serious heart rhythm issues
- Coronary Disease – single vessel disease, treated and with nicotine use within the past 12 months
- Diabetes Type 2 – with mild cardiovascular disease and no nicotine use within the past 5 years
- Diabetes Type 2 – no nicotine use within the past 3-5 years and no cardiovascular disease
- Rheumatoid Arthritis – diagnosed or with a flare within the past 1-2 years
- Spinal Stenosis – moderate disease with no injections in the past 3 months, no functional limitations and narcotic use no more than twice weekly
Available Benefits Under Counter Offer Program
If an applicant has one of the qualifying conditions above, Genworth may extend a counter offer to them. The benefits available through the counter offer program are:
- Daily/Monthly Maximum – up to $100 per day or $3,042 per month
- Benefit Multiplier – no more than 2 years
- Elimination Period – no less than 180 service days (calendar days not available) Inflation Protection/Benefit Increase– none
Waiver of Home and Community Care Elimination Period – not available
Underwriting Tools:
These updates have been incorporated to Genworth’s online Field Underwriting tool, eValuateTM.
Updated TrueView UnderwritingSM Guide and materials can be downloaded or ordered on Pro.
- TrueView Underwriting Guide (143345i) (download only)
- TrueView Underwriting Quick Reference Guide (151328)
- TrueView Underwriting At-a-Glance (151328B)
See the full Bulletin for more details including Frequently Asked Questions on these changes.