Long Term Care Insurance Available to Members
From The AFT Member Benefits
AFT has responded to the many requests from our membership to make available an endorsed Long Term Care Insurance Policy. The policy is underwritten by Genworth Life Insurance Company (Genworth Life), the largest writer of long term care insurance with a national distribution network. Later this month, members will be mailed an invitation to secure a personalized quotation from a Long Term Care Insurance representative of Genworth Life.
AFT members can apply for a Genworth Life insurance policy which will pay benefits in the event that the member needs long term care in the future, including home health care, adult day care, assisted care, nursing homes and hospice facilities. This insurance helps our members protect their savings and helps their families avoid the financial burden of long term care costs.
A set of frequently asked questions appears below.
AFT + ENDORSED LONG TERM CARE INSURANCE
This program affords AFT members, their spouses or domestic partners to have the opportunity to purchase a long term care insurance policy from Genworth Life Insurance Company (Genworth Life).
These policies pay benefits to insureds who need long term care.
What types of services do Genworth Life Insurance Company long term care insurance policies cover?
Genworth Life Insurance Company's long term care insurance policies can pay benefits for care in a nursing home, assisted care facility, hospice, or adult day care facility. In addition, benefits are provided for covered services at home. Covered services include services from a nurse, home health aide, or even a homemaker. A licensed representative will provide complete details about the benefits, cost, limitations and exclusions of Genworth Life Insurance Company's long term care insurance policy at no cost or obligation.
How much coverage can a member apply for?
Genworth Life's policies benefits are customized to fit the needs and the budget of the individual. the member selects a daily or monthly benefit amount, which can range from $50 to $460 per day or from $1,500 to $12,000 per month. The member also selects the number of years of coverage, which can range from two years to a lifetime benefit.
How expensive is the coverage?
The cost of the policy depends upon the benefits and features selected and the member's age at the time the policy takes effect. Members in good health can receive a preferred rate discount, and if a member and spouse or domestic partner each purchase a policy they each can receive a discount of up to 40%.
Who is eligible to apply for this coverage?
The Genworth Life Insurance Company policy endorsed by the AFT + is available to members ages 18-79. Family members (including spouses, domestic partners, parents, and parents-in-law) may also apply. There are certain health conditions which are disqualifying.
How can an AFT member apply for this coverage?
Many AFT members will shortly be receiving an invitation to request more information about the AFT + endorsed Genworth Life Insurance Company policies. Members who return the response card will be contacted by phone by a Long Term Care Insurance representative from Genworth Life. If appropriate, the representative will arrange to meet with the member to explain the ins and outs of long term care insurance and to provide a personalized quote for the policy that best meets the member's needs. If the member desires tp apply, the representative will assist the member in completing the application.
For more information go to the Genworth Financial website here