Consumer Complaints and Reviews
Just received the announcement for mine and my husband's renewal for September 2017 and the rate has increased 70% (this is their stated percentage in the letter). So now what? After paying into this for many years, with increases right along, do we cancel this and lose everything we invested? Or do we continue and expect more rate increases? It doesn't seem like this is a reliable company anymore in paying claims but at our age, (76 and 72) we're stuck. This is just wrong!
My Mom bought a LTC policy 25 years ago - back then they were all called nursing home policies. Even though the policy provides for custodial care - now referred to as assisted living - they won't honor the policy because she is not housed in a nursing home proper. A former Genworth employee said that years ago the company sent out letters about the change in coverage (to allow for assisted living) and it was presented as an opt out option. Of course nobody opts out. But they won't admit they did that. Does anyone have experience with the nursing home policy argument?
The claims admin at the assisted living facility says she can confirm at least one other person in house has same policy and it was eventually approved but HIPPA prevents sharing specifics. So frustrated by the run-around. It's been crazy. The claim was denied before they even had all required paperwork from facility - a sure "tell" of how it would be. Since then - I have been passed around by one individual after another who isn't qualified to answer questions or be accountable. Scoundrels. It is a system designed to be inefficient without a means for resolution. Either genius or pure stupid - neither is good.
My mother had a Genworth policy for over twenty years. Recently she became ill and we filed a claim. After four-plus months of foot-dragging plus dozens of phone calls to an agent who never answered the phone and took days to call back, the claim was approved today. Unfortunately, Mom died yesterday. The agent told Mom that she had a one hundred day exclusion period for home health care. This was untrue. Mom spent the last four months of her life worried sick and not getting the care that she needed because Genworth did not fulfill its promises.
I have experienced the same overnight predatory premium increases described by most previous posters. I was offered the same unsatisfactory 3 options as all, and I declined them all. My policy was then terminated by Genworth due to "Lack of Premium Payment". After a long exchange of correspondence with Genworth, they finally threw me a bone, they offer to pay benefits up to the amount of premiums paid during the life of the policy (in my case $ 40,000+). This measure is not in any way part of the policy I bought. It is a newly suggested offer (apparently made to all who persisted long enough in their complaining).
The fact that no provision for this exists in the purchased policies suggests that this may constitute an acknowledgment of unusual conduct by Genworth when they increased the premiums with no guarantee that it would not be repeated at any time. At any rate, a Class Action Lawsuit has now been started (Dec 28, 2016) on the exact topic addressed by most posters in this blog. It accuses Genworth of a hoax.
My husband and I purchased two long term care policies when I was 43 and he was 58. Since we were purchasing two policies to cover each of us we were told that if we both lived for seven years after the signing date that my premiums would then be free of charge. We rolled the dice and agreed to the high cost of both policies but felt we were in good shape for the next seven years. When it came time to sign the final documents I did not see this rider language in the policy. Stan assured me that it was there and not to worry. My husband had purchased a life insurance policy from him years back and we felt we had a good relationship so we trusted him. He even called my husband each year on his birthday which we thought was very nice.
When I turned 50 we asked Stan about my fees now dropping due the fact we had lived seven more years, luckily. He said he did not know what we were talking about and he never said that. We were shocked to say the least. We thought we were two intelligent business people doing the best we could to prevent the worse but felt stupid we had been taken for a ride. We still have the policies and now Genworth has sent us a notice that our bill is increasing (once again) now by $500 annually. Thanks so much for the customer service Gen once again!! Luckily, we are still healthy and I'm searching desperately for a new carrier. Long story short - read the fine print and don't trust what the salesman tells you otherwise. And if you do, and he calls you on your birthday, hang up.
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Repeating what everyone else has written. Bought the policy from our broker at Morgan Stanley and was told that the premiums would not go up. We all know what happened. Between my wife and I, $50,000 down the drain. Customer service (very nice operator, with a hard job, so that why I gave five stars. She was polite and helpful as one can be when reading a script) tells me to suck it up as their agents sometime told people things that were untrue. Why is someone not suing this company?
For quite a while, I have had grievous concerns about Genworth Financial. Besides having increased their premium rates, they have a history of being late in paying claims. My last claim, which was due for reimbursement on May 12th, is now ten days late, and, no response from my most recent inquiry. On top of this, they have also violated my rights under HIPPA and have harassed myself and some of my care providers. The bottom line, I believe the company is failing and if the takeover by China Oceanwide does not happen, people are going to be hurt very badly. Not only that, they continue to sell these policies!
Got my new statement for 2017 and the three-year plan, (I once had the four-year) has risen in the Dallas area by $500. I guess the industry knew this and so they fashioned their 2016 choices. So many of us would make a mistake and choose the three-year plan over the four-year plan by mixing them up on the choices we could make. I sure wish the State Insurance Agency would investigate their practices. I just need to vent my frustrations.
We have all experienced the recent 50%+ increase in Genworth LTC insurance premiums since they were purchased by China Oceanwide. Each of us has two senators and one congressman. Write them and encourage legislation to help those of us who feel we've been misled. One point to make, if you read the fine print, even if you discontinue premiums, you still get some very limited coverage up to the cost of the premiums you paid to that point.
GE Capital sold me the policy (2000); Genworth bought GE Capital. When I bought I was told the premiums would not increase. I bought what I believed was a fixed benefit plan and I self insured the remainder of the cost. The insurance company cost would never go beyond the amount of the fixed benefit - so if nursing home costs have doubled, all beyond the fixed benefit I pay for - nevertheless, my premiums have doubled!!! Also, the executive salaries at Genworth in this same period have gone up substantially - proving there is little austerity inside Genworth.
It is robbery and the reality is that anyone reading these stories will never buy Genworth. I would not advise anyone to purchase any long term care because there is no guarantee how much increase in premium there might be. Who would buy something not knowing the price? If they tell the premium will not increase - do not believe them. It is lies and it can go up.
Looks like everyone here has the same experience. The agent who sold the policy assured me that I was locking in a lifetime rate. Massive increases every year for the 5 or so I've had the policy. I'm 53 and, as long as I stop wasting money on these **, am lucky enough to have enough money to self-insure. I've given them over $15,000 and have renewed the policy for the last time.
I have had Genworth Long Term Unlimited Care Policy since March 1999. I have had price increases since then... my question is, if and when I go into an ALF, what if Genworth is out of LTC or sells out to another company, will they continue to honor my unlimited policy?
After paying the premiums for this policy for many years, I was served notice that my premium would increase 56% overnight. If I fail to pay the much higher premium, I lose coverage or suffer vastly decreased benefits. This was not what was represented to me when I signed up for it. An increase that huge is simply criminal.
I bought my GE Long-term Insurance policy in 2004 and continued with it for 13 years. I just got the notice of a premium increase of 15% coming up in May 2017. There has been a steady increase in premiums every year of 15% every June going back to 2014 that I can verify. This is a slow creep to an ever higher premium, that will eventually become overwhelming for many people. I purchased the bare bones of the coverage years ago and can't really afford to pay such a premium and go down to a lesser benefit. It would hardly be worth the effort and money. I haven't had much contact with them to describe their customer service.
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.
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.
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