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Rev. Date. 1/3/2020
Illinois State University
Genworth Long Term Care Insurance | FAQs
List of Frequently Asked Questions
About Long Term Care Services ............................................. 2
What is Long Term Care? ....................................................... 2
Will I need Long Term Care? ................................................... 2
What would I need to pay for Long Term Care services if I don’t
have Long Term Care Insurance? ........................................... 2
About Long Term Care Insurance ........................................... 4
What is Long Term Care Insurance? ....................................... 4
Why should I consider Long Term Care Insurance? ............... 4
Should I wait until I’m older to buy Long Term Care Insurance?
................................................................................................. 4
What is medical underwriting? ................................................. 4
What is the difference between Long Term Disability and Long
Term Care Insurance? ............................................................. 4
Doesn’t our health / medical insurance cover Long Term Care?
................................................................................................. 5
Doesn’t Medicare cover Long Term Care? .............................. 5
About ISU’s Program ............................................................... 6
What coverage choices do I have under this plan and how do I
learn more about the program? ............................................... 6
How much does Long Term Care Insurance cost? ................. 6
Do my premiums increase as I age? ....................................... 6
When is the coverage effective? ............................................. 6
Do I continue to pay when I’m receiving benefits? .................. 6
How do I receive benefits? ...................................................... 6
When will this program start to pay benefits? ......................... 6
What is an “elimination or waiting period” and how does it work for
this program? .......................................................................... 6
What happens to my coverage if I leave ISU or when I retire? 7
What happens to my coverage if I move to a difference state?7
What are the payment options? .............................................. 7
If my family members apply, do I pay for their coverage? ....... 7
Can I pay for my Long Term Care Insurance premiums from my
Health Savings Account (HSA)? ............................................. 7
Can I deduct my premiums from my taxes? ............................ 7
Where can I find more information about tax qualification and long
term care insurance? .............................................................. 8
What happens if I miss a premium payment or can’t pay the full
amount? .................................................................................. 8
Can I cancel my coverage at any time? .................................. 8
Can I increase my coverage? ................................................. 8
Can premiums go up in the future? ......................................... 8
Applying for the ISU Program ................................................. 9
Who is eligible to apply* for Long Term Care Insurance coverage?
................................................................................................ 9
Do I need to apply in order for my eligible family members to
apply? ...................................................................................... 9
If age 75 is the oldest age for a family member to apply, does the
program end at age 75? .......................................................... 9
Why should I consider applying now? ..................................... 9
What are the medical underwriting requirements for the ISU
program? ............................................................................... 10