On August 15th, Genworth Finanical is rolling out a new long term care insurance policy in 34 States. Genworth Privileged Choice Flex will replace the Genworth Classic Select and the Genworth Privileged Choice policies. Genworth has announced that pricing is expected to be 10%-15% higher on the new policy than the costs of the current Privileged Choice LTC policy. More importantly, benefits that are included in the current Privileged Choice policy--Monthly Home Care, 0 day Home Care Elimination Period, and Paid-Up Spousal Survivorship-- are additional cost options within the new Genworth Privileged Choice Flex policy.
In analyzing current rate structure however, it appears as if these cost options withing Flex will still be extreemly affordable and reasonably priced.
Fortunately, Genworth is retaining the no "claims offset" language in the new Flex policy. Very few policies do not offset benefit increases by claims paid. We are happy this feature is remaining in the Genworth Privileged Choice Flex policy. The absence of "Claims Offset" contractual language allows policyholder benefits to last significantly longer than long term care policies with "claims offset" language. Especially when the 5% compound inflation factor is included in the long term care insurance policy.
One new feature that Privileged Choice Flex will offer that we really like is that Genworth will guarantee 50% of a healthy partner's original individual benefit to be retained if the couple elected shared benefit coverage and the partner on claim exhausts the pools of money.
For the last 5 years we were fortunate to have Genworth Privileged Choice to provide to our clients. In many states, the built-in benefits of 0 Day Home Care Waiting Period, Monthly Benefits and Paid-Up Spousal Survivorship made Genworth Privileged Choice the best long term care insurance policy for the money. Especially for couples.
Which policy will afford long term care insurance consumers the best value moving forward? Early indications are the Genworth Privileged Choice Flex policy might still be the best "valued" policy for many consumers nationwide.
As always, we are happy to provide you with side-by-side policy comparisons of every long term care insurance company in your State.
LTC Partner is an independent long term care insurance agency that has specialized in long term care planning since 1998. We have helped many clients just like you address similar concerns you may now be facing. Long term care premiums are based upon your age and your health history when you apply. Significant discounts are available for being in good health, or residing with another individual. Buying long term care insurance can be easy if you work with the right agent. Please contact us toll-free at 1-800-891-5824 with any questions or long term care insurance quote requests.
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