Planning for the future is crucial, and as you consider your retirement and long-term well-being, understanding options for long-term care becomes essential. The Virginia Long Term Care Partnership Program offers a valuable framework to help protect your assets while ensuring access to quality long-term care services when you need them. This program, available to eligible individuals in Virginia, provides a pathway to safeguard your financial security and plan for potential long-term care expenses.
Understanding Virginia’s Long Term Care Programs
Virginia, recognizing the importance of long-term care planning, partners with private insurance companies like Genworth Life Insurance Co. to offer long-term care insurance options to its residents, particularly state employees, retirees, and their families. These programs are designed to provide a monthly benefit allowance to help cover the costs associated with necessary long-term care services. By participating in a Virginia-approved long-term care partnership program, policyholders gain the added benefit of asset protection should they ever require extensive long-term care.
Eligibility for Virginia Long Term Care Coverage
Virginia’s long-term care programs cater to a broad range of individuals. Eligibility varies slightly depending on your status as an active employee or retiree.
For Active Employees:
If you are actively working, you may be eligible if you are:
- A state employee or faculty member of a Virginia public higher education institution working at least 20 hours per week. VRS membership is not mandatory.
- A school division or political subdivision employee working at least 20 hours weekly, provided your employer participates in the program. VRS membership is also not required.
For Retirees and Deferred Members:
If you are retired or a deferred member of the Virginia Retirement System, you may be eligible if you are:
- A deferred VRS member aged 75 or under and vested (minimum five years of service credit).
- A retiree aged 75 or under receiving VRS benefits.
- A retiree of a Virginia public college or university aged 75 or under.
Family Coverage:
Extending the benefits, eligible family members aged 18 to 75 can also apply for coverage, subject to medical underwriting. Eligible family includes spouses, adult children, parents, parents-in-law, step-parents, step-parents-in-law, siblings, grandparents, grandparents-in-law, and step-grandparents-in-law.
Key Features of Virginia Long Term Care Insurance
The Virginia sponsored long-term care insurance program offers several attractive features:
- Affordable Group Rates: Leveraging group rates, premiums can be more affordable compared to individual policies. Premiums are paid directly to Genworth.
- Continued Coverage: Coverage can continue even if you change jobs or retire, offering peace of mind and consistent protection.
- Benefit Increase Options: To combat rising care costs, you can select benefit increase options to grow your coverage over time.
- Coordination with Other Plans: This program can potentially be coordinated with other long-term care plans like the VSDP Long-Term Care Plan or VLDP Long-Term Care Plan for enhanced coverage.
Take the Next Step in Long-Term Care Planning
Securing your future and protecting your assets is a responsible step in long-term financial planning. To explore the Virginia Long Term Care Partnership Program further and determine if it’s the right fit for you, contact Genworth Life at 866-859-6060 or visit Genworth’s website. Don’t wait to secure your peace of mind and financial well-being.
