Generally speaking, our long term care insurance certificate holders who receive a premium increase notification may select one of the following options:

1. Keep Your Current Coverage
If you are able to pay the increased premium, you will keep your current level of coverage. No other action is required.

2. Adjust your Coverage
If you are comfortable having less coverage there may be ways to reduce your benefits and premium. (See below for more details).

3. Pay Nothing More
If you'd like to stop paying premiums altogether, in most situations you'll receive a paid-up certificate with benefits approximately equal to the total of premium paid. There may be adjustments made for any claims that were previously paid on your certificate. (See your premium increase notification or call us regarding your options).

Please note: Not all features and benefits are available in every state or to every certificate holder. Your particular certificate may have additional options that can be adjusted or applied.

When making this decision, please carefully review your certificate and consider how changes to your certificate will affect the long term care coverage you may need. You may want to talk through the options with your loved ones, financial advisor, or insurance agent.

Additionally, it may be helpful to consider the current cost of care in your area. Genworth's Cost of Care Survey is a source for this information that is updated annually.

* If you are currently receiving benefits and you have a Waiver of Premium feature on your certificate, you are not required to pay the increased premium at this time. If you recover and stop receiving benefits, you will be responsible for the increased future premium payments as they become due. For details, please review your certificate.

Ways to adjust your coverage
If you want to maximize the value of your coverage while keeping premiums down, you may have a few options based on your Group's plan design. You may be able to choose one option or a combination of options to balance your coverage needs with your budget.

Lower Your Benefit Amount
Referred to as daily or monthly maximums on your certificate schedule page, this is the maximum amount that can be reimbursed for long term care expenses on a daily or monthly basis. It is also used to determine the maximum lifetime benefit amount on your certificate. Lowering your benefit amount will reduce your premium. (Example: $300 per day daily benefit can be reduced to $250 per day).

Shorten Your Benefit Coverage Period
The benefit coverage period is the period of time used in calculating the lifetime payment maximum. The certificate holder's total available benefit payments are based on their lifetime payment maximum; not a certain period of time. Shortening your benefit coverage period will reduce your premium. (Example: Shortening a three or four year benefit period to a two year benefit period).

Example: If the current benefit amount is $230 per day and the benefit coverage period is three years (1095 days), then the lifetime payment maximum is $251,850 ($230 per day X 1095 days). If your covered expenses are less than $230 per day, your lifetime payment maximum can last longer. The lifetime payment maximum is reduced as claims are paid, or if the benefit amount and/or benefit period are reduced.

Decrease Your Automatic Benefit Increase Option
This option helps your coverage keep up with the rising cost of care by growing your daily or monthly maximum and lifetime payment maximum over time. Compound and simple increases are applied to your daily or monthly maximum and remaining lifetime payment maximum on each anniversary of your coverage effective date. If lower benefit increase options are available under your Group's plan, decreasing the amount or type of your automatic benefit increase option may reduce your premium. (Example: Reducing your automatic 3% or 5% benefit increase option to an opportunity to "Buy More Coverage Over Time").

Remove Your “Buy More Coverage Over Time” Past Purchases
Over time, you may have purchased additional coverage through the “Buy More Coverage Over Time” or “Future Purchase” options. Reducing or removing additional coverage amounts will reduce your premium.
NOTE: If you wish to lower your benefit amount, and you have purchased additional coverage in the past, these additional coverage amounts and premiums will be removed first (premiums for additional coverage are set by your age at the time you purchased them and are, generally, more expensive per coverage unit).

If you adjust your certificate benefits and later change your mind, you will need to notify us in writing within 30 days of our written confirmation of your benefit reduction. After that 30 days, reduced benefit levels cannot be changed back to the benefits that were originally selected.