Consumer Complaints and Reviews
My wife and I joined Genworth Financial Long Term Care Insurance in 2008 when our ages were 60 & 59 respectively. We thought this was a good investment in our future and a way to protect our family from LTC expenses later in life. After paying our annual premiums faithfully for the past 9 years, with no claims, investing approximately $50K in Genworth's coffers, fast forward to 2017 when Genworth presents us with a 50% increase in premiums with a promise of future increases to come. This coupled with consumer reports from several agencies that Genworth does not respond to or honor claims, pending class action suits against their management, dropping stock prices, and purported buyout by a Chinese firm makes us wonder if whatever is left of Genworth will even be there to honor our claims when needed.
Now, like many, we're between the proverbial rock and hard spot -- step up to the rate increases and hope we have LTC insurance when we need it or walk away from our $50K investment and hope for good health. Since I've suffered a heart attach in the past year and my wife has Parkinson's, it's highly likely that one of us will require LTC as we move into our 70s.
Personally this looks like an attempted money grab before the sellout or bankruptcy announcement. Shame on the Texas Insurance Board for approving this rate increase, of course all those insurance agents who assured us this was the way to go will also get a 50% commission increase for all who continue making payments. So your agent will assure you that paying the increased premiums to the way to go -- greed rules. State and Federal agencies grant these huge rate increase because they are scared to death of these LTC insurance firms failing and leaving the burden to government programs. I believe Genworth will continue rate increases to force its aging member base out before they accrue any claims. Our future looks a lot less secure than it did a month ago.
I have read through many of these comments/reviews stating some of the same issues we have had with Genworth's original 'promise' of locked in rates but now faced with a 70% increase this year (3/17). My question is - has anyone found a way to fight this? I feel we are stuck - already paid many years of premiums and would lose a lot if we cancelled - BUT, if we don't cancel, we pay even more - and HIGHER premiums - and maybe not even get the benefits we've been paying for. I don't even trust that Genworth will honor the claims when and if we get to the point we need to file a claim. What's the solution?
We bought a long term care policy in April 2007. Received notice in Feb 2015 that our rate was going up from $190.59 to $214.99 on 4/27/15; Genworth did automatic withdrawal from our bank acct so I didn't pay much attention. UNTIL... we received notice again that our rate was going up again in 2017 from 214.99 to $253.47. Well I had just been looking at my acct online and the last payment they automatically pulled out of our acct was $365.57. When I called them they claimed they have never taken more than what was sent to me on the paperwork. They wanted to see my bank statements to prove it. After investigating, they have been pulling "extra money" out of my acct since May 2011!!! That's $8088.32.
I have sent them the paperwork to investigate this and if they are a legit company, they will refund me the money. March 1, 2017 I cancelled the automatic withdrawal from our acct and am currently investigating a more reputable company. Suggest others keep an eye on your account if you're doing automatic withdrawal!!
I am a single woman age 63, soon to be 64 and took out this policy in 2009. I have paid on it as agreed and it has been a struggle as I am a working professional but the extra policy was a strain on my budget. I, like others, was told my rates would never increase and if they should it would be very minimal, and this is what was so attractive to me. I work in the healthcare business and have seen our geriatric population pay on policies for years only to discover when they need it the policy has devalued so that only a fraction of the cost if covered.
The agent was very diligent to show me the "expected" progression of costs vs payments. Like others I was told, "New policyholders would bear the burden of any large increases that would occur." I know health care has obviously increased. I work the business but my policy has increased hugely, almost 50%!! Who can work that into a budget that is already on a fixed income with the expectation I didn't need to worry about this going up so significantly? Now we are being told Genworth is being acquired by "China Overseas" (something like that) and how they are putting a billion dollars+ into the company for the "stockholders benefit."
Why can this money not offset the increase in premiums to the elderly people who have paid and now have promises broken and trust certainly broken? Why can the new, younger policyholders still in prime of life with income increases still to come not bear the burden of the increases as we were led to believe? What kind of ethics can be expected now? I have always sung the praises of Long-term Care and Genworth but will not going forward. I do still believe LTC is necessary but not at these costs. I also want to know what percent of my payments could be repaid so I can invest privately to gain interest and pay privately for LTC if necessary.
At the premium amount I have paid yearly, the interest would be great and my return greater. Now I am left with nothing and have never filed a claim and may never have to. I know when I retire I will not be able to continue payments so I am caught in a huge dilemma with a big decision and huge monetary loss that may be just out the window and my money has only gone to pay for others care and line the pockets of executives and stockholders! Very very disappointed.
My 93 year old dad, veteran of WWII and Vietnam, now has dementia and requires in home care. He has paid Genworth for over 20 years and now is being stonewalled on his claim. I'll keep this short. My advice to anyone looking into buying a LTC policy... Look elsewhere as Genworth are cheats.
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We have been Genworth long term care policyholders for 15 years. When we signed on in early 2002 the insurer, then GE Capital, touted they never ever raised their rates for existing policyholders. Although the LTC salesman did say it was possible for a rate increase at some point in the future, I was lead to believe any increase would be modest and new policyholders would have to pay higher premiums if there was a demand for more revenue.
Two years ago I adjusted the terms of our LTC policy to avoid a 20% rate hike. Last year, however, another 20% rate hike was announced, which we reluctantly paid. Now for 2017, yet another 15% rate hike has been announced. Genworth also reports future rate increases are likely. Many long term LTC policyholders also question if they are being priced out of their policies with Genworth. I do not feel that I can continue trying to keep up with the escalating costs. A refund of the many thousands of dollars we have spent on Genworth premiums would be more satisfying than the paid in full LTC policy option. At the age of 67 I could be better prepared for LTC investing the money for self-insurance. Any ideas on how long-term policyholders can obtain a refund of their premiums would be appreciated.
I purchased a Genworth LTC policy in 2011 and recently received a notice of a 50% rate increase. After reviewing the many complaints about Genworth I will be joining any class action suit that comes up. I was promoted this policy by an Edward Jones representative and was wondering if others experienced the same source in acquiring this policy? It sounds very much like we are being duped completely. Keep me posted please.
We have been paying for Long Term Care with Genworth since 2006. Recently we have been notified that our premium rate increase has gone up considerably. We have never made a claim on this policy. (Not that should matter to those that have.) Foolishly, until this increase was imposed, I have not done the research needed to inquire on the integrity of this company. I am only beginning to do the necessary background checking. Sadly... At this point, what I am discovering is "fraudulent denials of care, and a company that cares only about profits."
I will continue to do my due diligence and would hope that we could join together in an effort to be HEARD loud and clear. Let's help each other. I am not an attorney, I am not an activist, I am just an angry senior who will not just sit back and throw my hard earned money out the back door. If you have any ideas for a contact/connections... Please respond! I would be willing to post my email if needed.
My wife and I have had G.E. and Genworth LTC for 28 years. We had to cancel in 2016 because of rate hike so terrible high, was impossible to continue. Our policy stated there would be some common hikes through the years, but not 100% in two or three years. We are 78 and 75 and are not looking forward for LTC now. That's scary. This is not fair and we want to be in the class action suit.
I have a Genworth LTC policy since 2011. I just received a letter informing me there is a 61% increase! Last year there was a 23% increase. I have a really good unlimited policy that I can no longer afford and will have to cancel. I have MS and am also a breast cancer survivor. I was really depending on my LTC policy if I need it in the future. Sign me up if there will be a class action lawsuit.
My mother has held and faithfully paid the premiums for a long term care policy from Genworth for several decades. She is 96 now and due to her deteriorating physical condition has moved from her home in Indianapolis to an assisted living facility nearby. She is also mentally unfit to deal with complex issues such as this insurance, so she has assigned healthcare powers of attorney to both my sister and I to represent her.
Dealing with Genworth has been difficult at best, and they seem to set up artificial barriers to communication. For example, they do no business through email, other than a few automated messages. This forces customers to call their 800 numbers. But after dozens of calls, I have never been able to speak with a designated claims representative once. The first tier of agents who answer calls always say the claims representative is busy, and will have to call me back. That rarely happens. Genworth still relies on faxing to receive documents such as power of attorney, which I provided at least a month ago, but it still has not been processed by them despite numerous phone calls. Therefore I am still unable to represent my mother fully vis-a-vis Genworth, as they have not 'processed' my power of attorney, although at least two agents have acknowledged they do have it.
Others, however, are unable to find this document, which exemplifies another serious issue with Genworth: first-level phone agents provide contradictory and sometimes flat-out incorrect information. My sister and I have been forced to simply hang up and call back to talk to a different, hopefully more competent agent time and time again, in order to get factual information. Genworth does not have its act together at all, at least from the point of view of customers and policyholders. I do not recommend doing business with them. More to follow as my experience administering my mother's policy progresses.
Since I am not a policyholder with Genworth and so far my husband and I have not heard negative comments about their experience with Genworth to date, I am simply giving a, "middle of the road" review. I learned yesterday that my father in law's LTC policy just increased dramatically. I do not know the details yet however this is not how he nor my mother in law understood the premiums for their policies. As I have been reading the reviews of other similar, recent experiences of fellow Genworth policyholders, we are going to look into this matter in detail. We plan on contacting our state's LTC insurance regulators to make sure Genworth is acting within the law.
Additionally, as a graduate with a major in finance and over 30 years in corporate businesses and banking, I am extremely concerned about the proposed acquisition of Genworth Financial by China Oceanside. Where is Genworth's Board of Directors and who in their right mind believes that it would be a positive move to "get into bed" with China (and particularly this company.) Who will be protecting my parents' best interests as they age and after they have paid premiums for many, many years? Who will be looking out for all of the policyholder's best interests?
If interested, I recommend any concerned individuals and families take a look at what has happened to Genworth's stock, their credit and risk ratings and how they are desperate to shore up their LTC insurance holdings. Genworth is being bought for WAY MORE than they are currently worth. And lo and behold... all of a sudden, existing policyholders and many long term Genworth LTC policyholders are receiving premium increases in the midst of all this hoopla! I don't believe in coincidences. Do I smell fish?
When I (a widowed senior) purchased my LTC policy from Genworth, It was represented as a policy in which the premiums would not go up unless the entire class of policies had an increase. Premium increases were adjusted year to year for NEW customers. WOW! I just received the letter informing me that to retain my current policy would require an increase of 50.55% (correct, that is Fifty percent) effective January 1. This would be more than $1200 for the year for me. There was a 10% increase last year which I questioned; but, this is unbelievable. I will definitely be acquiring LTC insurance elsewhere.
After buying Genworth LTC in 2003, we now find our premiums increasing 23%, with the letter stating, "...it is likely that your premium will increase again in the future." At the time of purchase, we were told our premium would be locked and not be raised. We've also discovered that getting DETAILS about actual coverage is virtually impossible: they are NOT detailed in the policy, & calling the company only results in double-talk. There has definitely been misrepresentation, & we await the class-action lawsuit.
My husband and I have had a shared LTC Insurance policy with Genworth for over nine years now with no increase in the original premium. I have Genworth literature which states: "Our goal has been to price our long term care insurance policies so that premiums will remain at the original l levels for the duration of the policies." The NAIC Long Term Care Insurance Model Regulation, which was effective when we purchased our policy and still is in effect, was supposed to have actuary certifications showing that the policy was priced appropriately even with a cushion. We received a letter this week from Genworth stating we will have a 23% increase in our annual premium and "it is likely that your premium will again increase in the future".
I called the NC Dept of Insurance and they confirmed they approved this increase. The NC Dept of Insurance stated that because "more people are using the policy than expected, the insurance company doesn't have enough money to pay the premiums". We feel we have been taken advantage of since we are at the age now that we may need long term care insurance. It doesn't seem right that a company can just continue to raise their premiums due to their mistake and maybe eventually cause consumers to drop their policies because it is now out of the range they can pay. From reading the other reviews, this practice seems to be widespread with Genworth. We are looking for consumer protection against these practices.
Proposed acquisition for $2.7 billion by China Oceanwide. As a long term care policy holder, I am concerned about the absence of any agency, group, etc. that will protect my interest (or that of any other LTC policy holder) in this transaction. Is there anyone with a similar concern or can identify possible help? Thank you.
This company has no integrity. They're greedy pigs. They just raised my LTC premiums 26% over the next three years. And they did it before or as part of the Chinese acquisition deal. We've had our policy for more than thirteen years and since GE spun them off there's been a steady increase in rates but not exceeding our 5% guaranteed inflation protection.
Now here's the real reason they raising our rates: we have lifetime benefits and there is no benefit limit over that time. It's a great policy and that's why they want to force us into less coverage for lower premiums. They told me they've decided to raise my rates because I will cost them more than they projected when we signed. I'm 13 years older and actuarially a whole lot closer to the end. So even if I started my benefits tomorrow, it's highly unlikely I would cost them anymore than they originally projected.
I'm going to contact the California Insurance Commission to see what moron approved this increase. Another example of how the Seniors and in my case veterans get screwed in their health care coverage and costs. This is tantamount to elder financial and emotional abuse and I'll be pursuing my rights under the prevention laws thereof.
It was explained to us our rates were fixed and would never go up. They are going up almost $400. If we had just put the same amount of money in the bank till we were needed it, we would have had the same coverage they are offering. But from what people who have needed the coverage say, Genworth is also stiffing. Standard & Poors downgraded Genworth in 2015, and should again. I hope there is a class action lawsuit. Our insurance agent left the company about four months ago likely so as not to deal with the fallout. I'm rating any agent that sells Genworth Life zero on Yelp so they can't hurt anyone else. We just wasted $60,000.
Borderline Fraud. We paid over $100,000 in premiums. When we needed to make use of our benefits, we were discouraged from applying for them for months. We were told outright by the evaluating nurse that we should have had help months earlier. Then, when we were finally deemed eligible, they have delayed & obfuscated interminably on a payout that turns out to be pennies on the dollars we put in. They still have not settled our claim. I do NOT recommend this company to anyone.
2016 Long-Term Care Rate Hikes - I have been paying on our policies since 2002. We purchased our policies at a younger age because the premiums would be significantly lower. Our purchase was also based on the following material that was part of GE Financial Assistance promotional package (quote): "Provided long-term care protection to prudent Americans since 1974", "More long-term care policies in force than any other company", "A rating of AA Excellent from Standard & Poor's (rating agency)", "Endorsed by over 100 national organizations", "Never raised premiums on existing policyholders". I guess this last point is now moot! Yes I feel lied too!
Sadly are seeing the leading edge of the real serious problems that our current out of control healthcare system (for-profit and not-for-profit) is inflicting on us. It has nothing to do with the ACA (Obamacare) and every thing to do with the fact that America needs to remove profit and capitalism from our healthcare delivery systems - Bernie had it right, a single payer health-care system is the only system that is proven, and it is just waiting for us to adopt it.
Annual Premium Increased 30% From 2,233.50 to 2,903.55 in 1 year. This policy my mother has had for over 33 years, and finally after paying her annual premiums and never using the benefits of the policy, my mother is finally using her home care benefits at the age of 74. Now after one year of using the benefits of her policy they increased the premium $700.00 in one year. They said it was a 30% policy increase. How can a 75 year old women afford this policy? It more than what she brings in from her social security benefits for a few months of income. I think it's disgusting after 33 years of paying on a policy that they could legally increase her premium this month within a one year span.
I am presently dealing with Genworth over a long term health care policy for an elderly year friend of mine. It was suggested to me by our State Representative's office to contact our state insurance board. These people are the best people to deal with. They are right on this! When you call, have your facts ready, documentation from your doctor if necessary. I have learned that insurance companies do NOT like to be contacted by state insurance boards. I was getting nowhere on my own trying to get benefits for my friend who has been paying premiums for many years. We are closer to resolving this issue with our state insurance board investigating.
I have invested over $30,000 since 2003 for LTC insurance with Genworth only to learn the company has failed to keep its contract with me. Genworth is petitioning MA Insurance Commission for large increase in premiums. This increase will be prohibitive for me since the current premium is equal to one month of my pension. I researched the company, backed by General Electric, before buying. It was highly rated. My recourse now is to cancel or decrease coverage and pay more. I feel money has been mismanaged. I will join any class action suit.
Don't buy insurance from Genworth. This poorly run company just raised my annual premiums 23%, probably to pay for the CEO's bloated annual compensation of $2.7 million. And in the letter announcing my premium increase, they state, "it is likely that your premium will increase again in the future." I'll be cancelling my policy and just wanted to warn potential future customers.
Customer service is one of the best out there. They will help you with any problem that you have. If you have any kind of concern then they will make sure all your questions are answered. The policy options are one of the best out there. They offer a wide range of policies that you can choose from. They are a great company that really care about their customers. My long term care insurance is great. They will ensure that I am taken care of if anything happens to me. I didn't want to be a burden on my family so having this coverage helps out a lot. The value is great with this company. For a low monthly fee I get the great coverage that I need and it's very affordable.
I paid my premiums for my term life policy and just 11 days after pay them, I cancelled the policy and then received a letter from Genworth saying that there would not be a refund of my $630 premium... not even pro-rated for the 11 days.
My mother is 93 years old has had Genworth since July 2001. The cost had not gone up until last Fall when we were told it would go up in a 3-step process. Ten months ago she suffered a stroke and transferred into an assisted living facility from the hospital. She has since had two "reviews" and as per policy... after the first 100 days (of which the cost came out of her pocket) Genworth made 7 and 1/10th payments to the facility where she is staying. Then it was time for another review. Folks, you better read your policy AND fine print... Assume nothing! Last week we received a letter telling us that she is no longer eligible to receive their assistance. It does not matter that she cannot manage her own medicines, bathe herself, comb her own hair, has incontinence, obviously cannot cook her own food, gets confused as to what day it is and whether it is morning or evening, (I could go on but you get the picture).
All they are looking at is that she can dress herself (some assistance needed, but that is not a consideration), she doesn't wear a diaper, and she can put herself on the potty, and she can get food from her plate to her mouth unassisted. Yes, that disqualifies her from their service. I could never conscientiously recommend this company to anyone. No wonder insurance companies are wealthy and the public is insurance poor.
I totally agree with John of Port Saint Lucie, FL on July 14, 2016. I took this insurance out with AMEX in about 1996. I think and I'm sure at that time they told me it was good to take it out when I was only 60 because my premiums would never go up. Well now it's Genworth and the premiums are out of sight. I had to lower my length of service last year when they went over $600 every three months and now one year later they have again raised it to over $600 with the reduced service. I'm sure they are happy we paid money to them all these years but now as we are all getting older (those of us who took it out so long ago) they want to cut the amount of time they will be responsible for paying our benefits until it is so long it won't help us at all or force us to drop the insurance because we can't afford the premiums at all and they will have our money and we will have nothing.
This is not fair! I wouldn't have taken it out in the first place if they had not given me the impression that the rate would never go up from that point since I was planning ahead and not waiting until I was a lot older to start the policy. I don't know who has the power to check into this, if anyone does. With all the government bureaus we now have, isn't someone responsible for keeping these companies in line with their premiums? Ridiculous. I am retired and on a fixed income and this is a large percent of the stipend I get each month. I didn't know I would be on a fixed income since I worked for the Federal Government for 30 years and had a satisfactory retirement annuity but pretty soon my condo fee and insurance will eat it all up and I won't be able to eat at all. I'm not alone in being angry, as I can see from the reviews. They have our money--why do they need to care about us now? They just want more and more and give less and less.
Shame on Genworth for such an unreasonable rate increase on Long Term Health Care premiums. A 60% rate increase is unconscionable and an abuse of the public trust. What's worse is the approval of such an increase by New York State. Insurance companies continue to bag the big bucks with the help of the government while us hardworking citizens get the shaft. Class action, I'm in!
We paid for the insurance for years, but never used it. So all I have to comment on is their customer service (or lack thereof). When I got laid off, we couldn't afford it anymore, so I called to cancel. They said I could cancel mine over the phone, but I could not cancel on behalf of my wife (she would have to send a written request). I figured that makes sense, but just to be safe, we BOTH sent in a hand written cancellation request.
Next month, I got billed again. When I called to complain, they apologized, saying they had received the cancellation and would refund the payment. Not only did they not refund the payment, they still didn't cancel the policy. Then the next month when I called, they said it was because the written request didn't have a handwritten signature (something they never told me was needed). What makes this all more frustrating is that my original letter specifically requested them to let me know if anything else was needed to cancel the policy. If they had just done that, it all could have been cleared up 2 months ago.
Genworth Long Term Care Company Profile
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