Genworth is raising premiums on its Alaska Privileged Choice and Classic Select long-term care policies, and eligible policyholders can lock the new rate until at least Jan. 1, 2030 if they adjust their coverage. The increases range from 15.9% to 20.8% for most policies, according to Genworth’s rate action announcement dated Aug. 17, 2026. Alaska has allowed the increases, the bulletin states.
The lock is not automatic, and it does not come with simply paying the higher bill. It belongs to what Genworth calls the Stable Premium Option, which changes the benefits a policy carries in return for holding the premium at the new level. A policyholder who accepts the increase and takes no other step pays the higher premium with no guarantee against more increases.
That makes the question a personal one for anyone holding one of these Alaska policies: keep the coverage at a higher price, trim it to hold the cost down, or take the lock and give up some benefits? The bulletin lists the policy prefixes that fall under Privileged Choice and Classic Select, including AAA, VAA, VBA, KAA, OAA, LAA, HAA, ARP, VAP, VOD and VOE, and the premium increase notice shows which options a given policy can choose.
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How big are the increases?
For policies not sold through AARP, premiums rise 15.9% on lifetime benefit periods with more than 1% inflation protection and 20.8% on limited benefit periods with more than 1% inflation protection. AARP-endorsed policies with limited benefit periods and more than 1% inflation protection go up 20.5%. The bulletin lists no increase for policies with no inflation protection or 1% inflation protection.
Genworth says the changes are meant to improve the risk and claims-paying ability of its business. On its premium FAQ page, the company says increases rest on actuarial projections of future claims costs rather than on a person’s health, age or claims history, and apply to groups of policies issued in the same state on the same form.
What does the rate lock take?
The Stable Premium Option is open to eligible Privileged Choice and Classic Select policyholders. They adjust their coverage to help offset the current increase and planned future ones, and the new premium is locked until at least Jan. 1, 2030. The coverage package is set out in the Premium Increase Notice mailed to each policyholder, and Genworth’s bulletin does not list further conditions.
A second choice is the 1% Compound Benefit Increase Option for eligible holders with inflation protection. It keeps the increased daily or monthly benefit amount, and that amount and the total lifetime benefit then grow at 1% compound.
What if the higher premium is too much?
Policyholders can cut benefits to keep the premium near today’s level. Genworth’s options page lists lowering the daily or monthly maximum, shortening the benefit period, lengthening the elimination period, lowering inflation protection or dropping riders such as First Day Home Care, Restoration of Benefits and Survivorship.
Anyone who changes their mind has 60 days from Genworth’s written confirmation to reverse a benefit reduction in writing. After that, the original benefits cannot be restored. Policyholders on waiver of premium do not pay the increase until the waiver ends.
What happens if someone stops paying?
Three paid-up options exist, and each leaves coverage greatly reduced. A Nonforfeiture Rider, if bought with the policy, generally equals total premiums paid, not counting waived premium. Lapsing or canceling counts as choosing it.
The Contingent Nonforfeiture Benefit depends on issue age and the size of cumulative rate increases, and generally equals the greater of premiums paid or 30 times the nursing home daily benefit. An Optional Limited Benefit applies when neither fits and generally equals premiums paid less claims. The Contingent Nonforfeiture Benefit and the Optional Limited Benefit remain available for up to 120 days after the billing anniversary when the increase takes effect.
When will Alaska policyholders hear?
Genworth began notifying agents on Aug. 18, 2026 and policyholders on Aug. 25, 2026, and notifications continue for the next year. Each policyholder is told at least 60 days before the billing anniversary, so the timing of a letter depends on when that policy’s anniversary falls. Quotes that include the increase become available after the notice is mailed, about 68 days before the effective date.
Policy questions go to Genworth’s customer service team at 877-710-0817 according to the bulletin, and the company’s premium pages list 866-419-0401 as its dedicated policy line, open Monday through Thursday 8:30 a.m. to 6 p.m. Eastern and Friday 9 a.m. to 6 p.m.
Policyholders who work with an agent can ask for a quote through Genworth’s agent tool, which the bulletin says becomes available once the notice has gone out. Others can review premium information on Genworth’s premium page, which says the reasons for an increase and the choices it asks of policyholders “may not be easy to understand.” Sorting out the Stable Premium Option, the benefit cuts and the paid-up choices side by side before the billing anniversary leaves the most room to decide.
Should you lock the new rate or trim the coverage?
Giving up benefits to hold a premium down can leave a gap at the moment care is needed, and a reduction can be reversed only within 60 days. Nursing care costs are the reason the policy exists, and Medicare does not cover most of them.
Protect Your Savings From Care Costs includes what Medicare pays for nursing care and what it won’t, plus Medicaid’s 5-year look-back before you give anything away. Its side-by-side look at the four ways care gets paid for puts a trimmed policy next to the alternatives.
Get the care-cost guide for choosing between the lock and a smaller policy →
This article was produced with AI assistance and edited for accuracy against the sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
