Genworth LTCI Class Action Settlement

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clydewolf
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Joined: Tue Jul 21, 2015 12:51 pm

Genworth LTCI Class Action Settlement

Post by clydewolf »

My LTCI is included in a recent class action settlement. My reasons for having the LTCI have gone away earlier this year, so I am selecting a cash payment plus basic paid-up benefits.

In the information about the settlement, there is a section titled Taxes where it states: "Your policy, including any reduced benefits associated with the selection of a settlement option, is intended to be a federally tax qualified long term care insurance contract under Section 7702B(b) of the internal Revenue Code of 1986 as amended." I called to ask if I would receive a 1099-B in January 2024.
The CSR spoke to the tax people and then stated, "They only issue 1099's to beneficiaries."

What can I expect?
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