Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program
Most medical plans don’t cover long-term care services such as nursing home care or at-home care to assist with bathing, eating or other activities of daily living. Anyone at any age may need these services, the cost of which can quickly deplete savings or retirement income. The Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program can help with these costs.
VRS has contracted with Genworth Life Insurance Company as the insurer for the program. Coverage provides a monthly benefit allowance for covered long-term care expenses.
Am I Eligible?
If you are between the ages of 18 and 79, you are eligible to apply for coverage in the COV Voluntary Long Term Care Insurance Program if you are a:
- State employee or faculty member who works at least 20 hours a week.
- School instructional or management employee or political subdivision employee who works at least 20 hours a week, provided your employer has elected to participate in the program.
- Deferred member who is vested (you have at least five years of service credit).
- Retiree receiving a VRS-administered benefit.
- Retiree of a Virginia public college or university.
Note: If you are a deferred member or retiree, your employer is not required to have elected the program.
If you are eligible to apply for coverage in the program, select family members between the ages of 18 and 79 also may apply. Family members include a spouse, adult children, parents, parents-in-law, step parents, step parents-in-law, grandparents, grandparents-in-law, step grandparents and step grandparents-in-law.
- If you apply within 60 days of employment, you do not have to provide proof of good health (evidence of insurability). Proof of good health is required for any family members who apply, if provided you apply after 60 days from your employment date or if you are a deferred member or retiree.
- At group rates, your premiums may be more affordable. Premium rates are guaranteed through March 1, 2020 and will increase only if you make changes to your coverage.
- You may arrange to pay the premiums to Genworth through a monthly Electronic Fund Transfer (EFT) from your checking or savings account. Or, you can choose to pay through a direct bill from Genworth on a quarterly, semi-annual or annual basis, and your premiums may be reduced.
- Some employers may offer the option to pay premiums through a payroll deduction. Check with your human resource office to find out about payment options.
- If you leave or retire from your position, you may continue your coverage under Genworth. If you are not enrolled, you can apply as a deferred member or retiree.
- You can choose one of three benefit increase options that will allow you to increase your coverage over time to help protect against the rising cost of care.
- If you are eligible for the VSDP Long-Term Care Plan or have other long-term care insurance, you may be able to coordinate with the voluntary program to obtain even more coverage.