In 2010, the Virginia Retirement System entered into an agreement for the Commonwealth of Virginia (COV) Voluntary Long Term Care insurance plan with Genworth Life Insurance Company and that agreement remains in place at this time.
Effective December 31, 2016, Genworth Life Insurance Company no longer accepts new enrollees in the Commonwealth of Virginia (COV) Voluntary Long Term Care Insurance program. This change is a result of Genworth’s parent company ongoing restructuring plan. Genworth has confirmed it will honor the terms of all current policies as well as any received through December 31, 2016. The Virginia Retirement System will continue to keep employers and participants informed.
If you elected coverage by December 31, 2016, you may continue to purchase Group Long Term Care (LTC) insurance through Genworth Life Insurance Company. You pay the full cost of this coverage.
LTC insurance pays benefits to help offset the costs of long term care at your home or in the community, care in assisted living facilities, and care in a nursing home. The cost of coverage is based on the age of the insured individual at the time you enroll in coverage.
For questions about your Long Term Care policy, contact Genworth directly at 1-866-859-6060.