VRS names Genworth to provide long-term-care insurance

The Virginia Retirement System has selected Genworth Financial Inc. as its choice to offer long-term-care insurance as a fringe benefit to its more than 600,000 members, retirees and beneficiaries.

The coverage will be offered through a group insurance policy, under the Commonwealth of Virginia Voluntary Group Long Term Care Insurance Program.

"We selected Genworth because of its strong track record of paying claims and dedication to customer service," said Robert P. Schultze, director of the Virginia Retirement System.

"In this current economy and with long-term-care costs on the rise in Virginia, VRS has made providing quality long-term-care coverage to members and their families a priority."

Under the retirement system agreement, Henrico County-based Genworth will provide a range of long-term-care coverage with flexible features and pricing options.

Those insured under the state's long-term-care insurance plan with Aetna Life Insurance Co. will be given a one-time opportunity to transfer to a Genworth Life plan in December.

The state's new long-term-care insurance program with Genworth will be available during the enrollment period beginning in March. Active VRS members will receive an opportunity to obtain coverage with reduced underwriting during the initial enrollment period.

Local governments that do not participate in VRS also may offer the programs to their employees and families.

-- David Ress