Genworth Life Insurance Company

The State of Kansas Group Long Term Care Insurance Program for New Hires January 2012 Underwritten by Genworth Life Insurance Company 47487 09/09/09 ...
Author: Jerome Greene
6 downloads 0 Views 1MB Size
The State of Kansas Group Long Term Care Insurance Program for New Hires January 2012 Underwritten by

Genworth Life Insurance Company 47487 09/09/09

©2012 Genworth Financial, Inc. All rights reserved.

GROUP NUMBER 10012

Today’s Topics 1

Why People Buy LTC Insurance

2

Myths and Realities

3

Cost of Care

4

What is Covered-Plan Details

5

Summary and Next Steps

47487 09/9/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

1

Reasons People Buy Long Term Care Insurance •  Help protect retirement savings they have put aside •  Help protect family and friends from the burdens of care giving •  Help maintain choice of where they receive their care •  Help them stay in their homes for as long as possible •  Help them maintain a level of control and independence in their lives 47487 09/9/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

2

Myths and Reality It won’t happen to me My insurance already covers this The government will pay I can pay for this out of my savings I can rely on my family It’s too expensive 47487 09/9/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

3

What Does Long Term Care Insurance Cover? Long term care insurance covers the costs of services that help people

Long term care situations can result from: •  Injuries caused by accidents

perform everyday activities*

•  Strokes

they may have difficulty

•  Diseases like Alzheimer’s, Parkinson’s or MS

doing or may need substantial supervision for.

•  And other chronic conditions

* Activities include Bathing; Dressing; Eating; Continence; Toileting; and Transferring. Severe cognitive impairment that requires substantial supervision also qualifies. 47487 09/9/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

4

State of Kansas Costs of Care ANNUAL COSTS

COSTS FOR 3 YEARS OF CARE

$41,184*

$123,552

ASSISTED LIVING FACILITY

$42,216**

$126,648

NURSING HOME** FACILITY

$56,298***

$168,894

HOME CARE *

* Based on 44 hours of homecare provided by a non-licensed but certified provider @ $18 per hour; ** Based on the median cost of private room in a nursing home in the State of Kansas

47487 09/9/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

How Does Long Term Care Insurance Work? It provides a “pool of money” or Total Coverage Amount that can help pay for long term care services when and where needed:

Home Care

47487 09/9/09

Assisted Living Care

Nursing Facility Care

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

6

Other Care Support

Plan Example Summary – Age 45

LEVEL 1

LEVEL 2

LEVEL 3

PREMIUM

$16.39

$27.95

$44.91

TOTAL COVERAGE

$72,000

$162,000

$360,000

PAYS UP TO: •  Facility Care •  Home Care

$3,000/month

$4,500/month

$6,000/month

43,000/month

$4,500/month

$6,000/month

47487 09/9/09

©2009 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

Benefit Increase Options – Age 45 Option #3

Option #1

Option #2

Buy more coverage over time (FPO)

Automatic Increases for Life – 3%

Automatic Increases for Life – 5%

Automatically Grows to ~ $ 393,000

Automatically Grows to ~$700,000

•  No decisions required

•  No decisions required

•  Premiums go up over time

•  Premiums don’t increase

•  Premiums don’t increase

•  Costs less at issue

due to benefit increases

due to benefit increases

Can grow to: ~ $700,000** Can grow to ~ $336,000*

$162,000 TODAY- Age 45 * If you accept FPO every 6 years to age 75 ** If you accept FPO every 3 years to age 75

47487 09/9/09

NOTE: Our Automatic Increase benefits are available as riders for an additional premium.

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

Qualified Long Term Care Insurance The STATE of Kansas Long Term Care Insurance Partnership •  Recognizes Qualified Long Term Care Insurance •  Helps to protect your assets as a Kansas resident •  Gives dollar for dollar asset protection for each dollar of benefits paid under qualified long term care insurance

Qualified Long Term Care Insurance •  Your Group Program qualifies under the Kansas Partnership •  You must select the appropriate inflation protection option

Your Group Program offers that option: •  If you are not yet 61, 5% Compounded Automatic Benefit Increases for Life Rider •  If you are older than 60, but not yet 76, 3% Compounded Automatic Benefit Increases for Life; •  If you are older than 75, inflation protection is not required.

State Regulations May Change. This Information is Current as of 01/2012 45145 01/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

9

Medicaid and Long Term Care Provides people of limited means with access to: •  Nursing Homes •  Home Health Care •  Alzheimer’s Assisted Living Facilities

“Limited Means” are Medicaid limits with respect to: •  Resources •  Waiting period on resources transferred within last 5 years •  Use of resources for payment of nursing home expenses until the applicable limit is reached (referred to as “spend-down” requirement)

Kansas Medicaid Information: https://www.kmap-state-ks.us/ State Regulations May Change. This Information is Current as 01/2012 45145 01/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

10

Who is eligible to apply? As a newly/recently hired employee of the State of Kansas you are eligible for this program if you are an: •  Actively at work, benefits eligible employees •  Employee spouses under age 80 •  Employee parents and parents-in-law under age 80 •  Employee grandparents and grandparents-in-law under age 80 •  State of Kansas benefits eligible Retirees under age 80 •  State of Kansas benefits eligible employee’s adult children under age 80 •  State of Kansas benefits eligible employee’s siblings under age 80 And have a permanent US residence, and a valid Social Security or Tax Identification number from the US government.

47487 09/9/09

©2009 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

11

Next Steps… For 31 days from your benefits eligibility date you have no medical underwriting or streamlined underwriting depending on your age.

Apply on the Website:

genworth.com/groupltc Group ID: KAN Access code: groupltc

OR

Call Customer Service:

1 888 285 4889

Important details about this Program are explained in the Outline of Coverage, available on the State of Kansas web site

47487 09/9/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

12

Details You Should Know •  There is no Return of Premium if you don’t use the benefits •  Rates are designed and priced for long term stability-however they could increase •  There is an elimination or waiting period-works like a deductible •  Care not covered includes: Care by immediate family member except under the Informal Care Benefit Care for which no charge is made in the absence of insurance Care by Veterans Administration or other government facility Care outside US except as covered by the International Benefit Care resulting from your alcoholism or addiction to drugs or narcotics Care resulting from war or act of war, war or act of war, attempted suicide or self-inflicted injury, your participation in a riot, felony or insurrection Care covered by workers comp, occupational disease act , or similar law Non-duplication and coordination Only pay for coverage amounts over and above Medicare, or other state programs except Medicaid Won’t, in combination with other long term care insurance, pay more than expenses incurred.

Important details are explained in the Outline of Coverage, available in your Information Kit or on the Employer Group Long Term Care Insurance web site 47487 09/9/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

Additional Disclosures •  This insurance program is underwritten by Genworth Life Insurance Company •  Coverage is provided under group policy 10012 issued to the State of Kansas using policy form series 7046 •  Coverage is intended to be tax qualified under IRS code 7702(B) •  State variations may apply. Refer to your outline of coverage for coverage definitions, benefits, features, exclusions and limitations. •  This material is part of a solicitation for Group Long Term Care insurance

47487 09/9/09

©2012 Genworth Financial, Inc. All rights reserved. Company Confidential GROUP NUMBER 10012

Suggest Documents