The Virginia Retirement System (VRS) partners with Genworth Life Insurance Co. to offer the Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program. This program provides participant-paid coverage designed to help with the expenses associated with long-term care services, offering a monthly benefit allowance for covered costs.
Eligibility for the COV Voluntary Group Long Term Care Insurance Program
To be eligible to apply for coverage under the Commonwealth Of Virginia Voluntary Group Long Term Care Insurance Program, you must be 18 years of age or older and fall into one of the following categories:
- State employees or faculty members of a Virginia public institution of higher education working at least 20 hours per week. VRS membership is not required for this category.
- School division employees or political subdivision employees working at least 20 hours a week, provided their employer participates in the program. VRS membership is also not mandatory for this group.
- Deferred VRS members aged 75 or under who are vested, meaning they have a minimum of five years of service credit.
- Retirees aged 75 or under who are currently receiving benefits administered by VRS.
- Retirees of a Virginia public college or university who are 75 years of age or under.
Important Note: For deferred VRS members and retirees, employer participation in the program is not a prerequisite. However, applicants in these categories will undergo full medical underwriting, regardless of their age at the time of application.
Coverage is also extended to family members aged between 18 and 75, subject to full medical underwriting. Eligible family members include:
- Spouses or surviving spouses.
- Adult children.
- Parents, parents-in-law, step-parents, and step-parents-in-law.
- Siblings.
- Grandparents, grandparents-in-law, step-grandparents, and step-grandparents-in-law.
For detailed information, you can contact Genworth Life directly at 866-859-6060 or visit Genworth’s website.
Program Features and Benefits
The Commonwealth of Virginia Voluntary Group Long Term Care Insurance Program offers several advantageous features:
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Simplified Medical Underwriting: Applicants aged 65 and under who apply within 60 days of commencing employment may benefit from reduced medical underwriting requirements, potentially easing the application process. Full medical underwriting is required after 60 days or for those over age 65.
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Group Rates: Leveraging group rates can lead to more affordable premiums compared to individual long-term care insurance policies. Premiums are paid directly to Genworth.
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Coverage Portability: Should you leave your current position or retire, your coverage with Genworth can continue. If you are not currently enrolled, you retain the option to apply as a deferred VRS member or retiree.
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Benefit Increase Options: To safeguard against the escalating costs of long-term care, the program provides a choice of three benefit increase options. These allow you to incrementally increase your coverage over time.
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Coordination with Other Long-Term Care Plans: If you are eligible for the VSDP Long-Term Care Plan or possess other long-term care insurance, including the VLDP Long-Term Care Plan, you may have the opportunity to coordinate benefits and potentially obtain even more comprehensive coverage.
Long Term Care Insurance Options Tailored for Retirees
Recognizing the unique needs of retirees, VRS and Genworth also provide long-term care programs specifically designed for retirees. These retiree-paid coverage options offer a monthly benefit allowance to help manage long-term care expenses.
Key Features for Retiree Programs
- Affordable Group Premiums: Retirees benefit from group rates, potentially leading to more budget-friendly premiums. Payments are made directly to Genworth.
- Benefit Growth Choices: Similar to the general program, retirees can select from three benefit increase options to ensure their coverage keeps pace with the rising costs of care over time.
Retiree Program Eligibility
Eligibility for these retiree-focused long-term care programs is open to individuals age 75 or under who are:
- Retirees receiving benefits administered by VRS.
- Retirees of a Virginia public college or university.
- Spouses or surviving spouses of eligible retirees.
It’s important to note that your former employer’s participation is not required for retiree program eligibility. For further details, please contact Genworth at 866-859-6060 or visit Genworth’s website.
