Looking for advice on the plan (not a proposal, but actual) to switch from Met Life to Genworth for Cat employees/retirees. This was announced and a decision needs to be made by Oct 31. Question: if I choose not to switch to Gen and not to continue with Met Life, am I eligible for a return of my premiums?
Question: "The plans described in this offer do not meet the requirements for qualified partnership LTC insurance under the South Carolina LTC Insurance Partnership Program" What does this mean?
Question: "Restoration of Benefits" Under Met Life this is 'included,' but is not included ung Genworth plan. What does this mean?

MetLife is no longer selling LTC insurance, but if you have a policy with them, they will honor their contractual obligations. It may not make sense to switch to another policy with Genworth.

You need to sit with someone from HR or your Benefits department and find out if it makes sense for you to switch.

Premiums are based on your age when you apply so all things being equal, it may cost you more to change to Genworth.

You seem to know very little about LTC insurance. You need to be educated before you make a change.
Arthur

Arthur's right; you need to have someone walk you through this to make sure you're making the best decision.

If your HR person can't do it, then there should be a MetLife customer service number somewhere with your policy. Call them, and have them explain your policy's features. Once you understand what you have, you can compare it to the new Genworth offering.

You may be giving up something better in your old plan than what you're getting with the new plan, and even if the price is the same - or lower - it doesn't mean it's a better value.

Very few employer-group plans meet the LTC Partnership guidelines, and that's too detailed a subject to get into here. You can find some info on Partnership at the following:

http://longtermcare.gov/LTC/Main_Site/P ... rship.aspx


As to the "Restoration of Benefit," this means simply that you could use some of your LTC benefits, and then MetLife would "refill" your benefit amount if you went on claim and then later recovered. It's a good benefit to have, but not if you're giving up something else to get it, like inflation protection.

Do some homework using the insurance company resources, and you'll make the right decision. Good luck.