Benefits

Long Term Care Insurance

The University of Chicago offers Group Long Term Care Insurance through Genworth Financial. This benefit will provide significant support to faculty or staff members when needed due to a long-term illness, recovery from an accident or illness, or advanced aging. We believe offering Group Long Term Care Insurance responds to requests from faculty and staff, strengthens our benefit offerings and can provide peace of mind for them and their families.

Long term care (LTC) insurance helps you manage the cost of long term care by covering skilled, intermediate and custodial care in your home, an adult day care center, an assisted living facility or a nursing home. LTC support can include help getting dressed, eating, bathing or self-administering medication. LTC insurance provides coverage for services when they are required for an extended period of time and are not associated with acute care or short-term illness.

ELIGIBILITY

Benefits eligible faculty and staff members, actively at work are eligible to apply. Also, eligible are faculty/staff member's spouse or same gender domestic partner (registered with the University) and adult children between the ages of 18 and 79 years.  All applicants must maintain a permanent United States residence.

COST OF COVERAGE

You pay the full premium for coverage.  Your cost is based on:

  • Your age
  • The level of coverage you choose

COVERAGE CHOICES

To customize a plan that meets your needs and budget you will have to make three key decisions:

1. Select a Monthly Benefit Amount – maximum amount reimbursable each month for covered expenses:

  • $3,000
  • $4,500
  • $6,000
  • $7,500

2. Select a Total Coverage Maximum– total 'pool of money' available to reimburse covered expenses (lifetime maximum)

  • From $108,000 up to $450,000 (based on monthly benefit amount)

3. Select a Benefit Increase Option – to help keep coverage amounts up with the rising cost of care

  • Buy more coverage over time
  • Automatic 3% compound for life
  • Automatic 5% compound for life

ENROLLING IN THE PLAN

To learn more about this benefit, get a rate quote and enroll directly with Genworth:

  • Online visit website: www.genworth.com/groupltc, enter:
    • Group ID: UChicago
    • Code: groupltc
  • By phone call (800) 416-3624, Monday through Friday, 7 a.m. – 7 p.m.

Within the first 31 days of employment or during the first 31 days after you become benefits eligible, you have the opportunity to enroll. If you are a full time employee, you will not have to undergo evidence of insurability (depending on your age). Enrollment after this 31 day period, will require evidence of insurability. Any coverage requiring evidence of insurability will not be in force until approval is received from Genworth Financial.

Premiums are paid directly to Genworth. You choose between payroll deduction (for employees and/or spouses), direct bill or electronic funds transfer from checking or savings accounts directly on your application. If you select payroll deduction as your method of payment, Genworth will communicate the appropriate deductions to the University. Coverage is portable, so you can continue coverage if you change jobs, retire or leave the University as long as you keep paying the premiums. Premiums will not increase if you leave the University.