Genworth
Privileged Choice Flex
Long Term Care Insurance
Cheat Sheet - By Brokerage Services of Carolina, Inc | Home
Presented by: Ashley Brooks, CLTC - ashley@bsocmail.com
Genworth Internal Sales for Long Term Care Call (800)354-6902, web support call 1-800-404-2956
PC Flex Questions and Answers - Full Brochure to Download
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Random Facts:
Preferred Health Discount is 20%, Couples Discount is 40%
The new product is 15% higher in cost than the old product in some aspects, but when quoting apples to apples by customizing the product and considering the overall benefit you get for the money, its competitiveness has actually been enhanced.
retaining the no "claims offset" language
Genworth will guarantee 50% of a healthy partner's individual benefit to be retained if a partner is on claim and the couple elected shared benefit coverage
Future purchase option
The new product will replace the old product entirely
Existing policyholders will not have access to the new features
Enhanced Shared Coverage will offer a 50% minimum guarantee. If one policyholder uses all or a portion of the shared pool of money, the spouse/partner is guaranteed to have at least 50% of his or her original pool of money for a long term care event.
50% Coverage for Assisted Living Facility care – agents can design plans that support the LTC planning specific to their clients needs
Transition Benefit option – provides a one time cash benefit to help cover expenses during the elimination period
International Coverage – allowing for covered care and support services expenses in an Out-of-Country Nursing Facility, not located in the United States as defined in the policy, to be reimbursed up to 50% of the monthly or daily maximum. Additionally, the benefit includes covered care at home for up to 25% of the monthly or daily maximum each month for a maximum of 365 days.
Home Assistance Benefit – provides a maximum lifetime reimbursement up to three times the monthly maximum or 90 times the daily maximum for services such as Caregiver Training, Emergency Medical Response Systems, Home Modifications, Assistive Devices and Supportive Equipment.
Is it tax qualified - yes, its tax qualified
It is a reimbursement plan
Two additional voluntary Features Not offered Anywhere else:
Genworth and Mayo Clinic have teamed up to offer Live+Well, a groundbreaking wellness program available to policyholders and their spouses/partners. Live+Well provides policyholders online access to health-related tools, services and information and offers consumers healthy living options.
Caregiver Support Services provided through CareScout, provides information and referral services that can help insureds and their family (even if they are uninsured) find and coordinate high-quality, cost-effective in-home or facility care.
Want to learn more and get on the Online Webinar Continuing Education List? Email Ashley at ashley@bsocmail.com to request to be included.