July 2, 2014
On July 21, 2014, Genworth will launch their next solution, Privileged Choice Flex 3 (Flex 3). Flex 3 offers flexible options to create long term care insurance plans with solid benefits for policyholders. At launch, this product will be available in all states except: CA, CT, FL, HI, IN, MD, MT, NY and VT.
Flex 3 vs. Privileged Choice® Flex 2 (Flex 2)
Flex 3 changes include updated pricing assumptions and reduced risk. The following outlines the product changes from Flex 2 to Flex 3.
- Maximum Daily Benefit amount changed from $400 to $300
- Maximum Monthly Benefit amount changed from $12,000 to $9,000
- Benefit multiplier options no longer include 6, 8 or 10 years
- 2% compound inflation protection option added
- Future Purchase Option changed from 5% to 3% compound
- Home care services require an Agency, if available (see the Q&A section for more information)
- The following riders are no longer available: Transition Benefit, Restoration Benefit and Refund of Premium Benefit
- Delaware will be offering partnership for new business
For more information, click here