April 24, 2012,
Volume 58, No. 31
Extension of Long-Term Care Insurance Enrollment
If you missed the opportunity to enroll for long-term care insurance with Penn’s new vendor—Genworth Financial—don’t worry! We’re extending the special enrollment period for long-term care coverage.
Full-time faculty and staff have until May 11, 2012 to enroll without having to show proof of good health.
The guaranteed acceptance period is a one-time offering and won’t be available each year with the same terms. You can still apply for long-term care insurance outside of this initial enrollment period, but you’ll be subject to medical underwriting. Keep in mind that your eligible family members must provide proof of good health even during this special enrollment period.
For more information and to apply, visit www.genworth.com/groupltc (Group ID: UPenn; Access Code: groupltc). Or call 800-416-3624 and speak to a Genworth customer service representative.
If you already have an existing long-term care contract with our previous vendor—John Hancock—you’ll retain your coverage, but will have the opportunity to enroll with Genworth later this year.
“Did You Know” is a monthly series that includes valuable tips to help you get the most out of the benefits and services offered by the Division of Human Resources.
Plan for Your Future with Long-Term Care
More than 40% of people over age 65 will need care in a nursing home, and four out of 10 people receiving long-term care are between 18 and 64 years old. What’s more—the cost of long-term care has been on the rise since 2006.* So how do you prepare if a chronic disease or disability strikes you or a loved one? Long-term care insurance can help.
Whether you need help dressing, bathing or using the bathroom, long-term care insurance can help cover the costs of services received in a nursing home, in the community or at your own home. Not only can it give you financial stability if the unexpected strikes, you also pay a lower premium the younger you are when you apply. Plus, health insurance and Medicare don’t usually cover the cost of nursing homes, assisted living facilities or in-home care.* Long-term care insurance can help defray some of those costs so you don’t have to worry about the out-of-pocket expense.
Ready to kick your long-term care plan into high gear? If you’re a full-time employee, see how Penn’s long-term care benefit can help you.
*Source: Genworth Financial and Medicare.
—Division of Human Resources