Effective January 1, payroll deduction will no longer be a payment option for employees and spouses enrolled in the Commonwealth of Virginia Voluntary Group Long Term Care Insurance Program. The state’s payroll system will automatically stop the deduction after the December 28 pay date. Participants may choose to pay premiums by direct bill on a quarterly, semi-annual or annual basis, or a monthly electronic fund transfer from a checking or savings account.
Genworth will mail a notice this week to employees and their spouses who currently use the payroll deduction option. The notice will include a Request to Change Billing and an electronic funds transfer form. Completed forms must be returned to Genworth Life Insurance Company by October 26, 2012, or the participant will be defaulted to the quarterly direct bill payment option. Employees who elect the electronic funds transfer option will need to return the electronic funds transfer form, along with a voided check or deposit slip.
Employees with questions about coverage or this change to the payment options should be directed to Genworth Life Customer Service at 866-859-6060 between 8:00 a.m. and 8:00 p.m. Eastern time.