Consumer Complaints and Reviews
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.
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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.
We have had this long term care insurance for 10+ years now. We have recently had a raise in premium. At the time we purchased this insurance, we were told to purchase it as soon as possible because our rate/premium would be locked in and would not be raised. I am concerned that we are not paying a higher premium, especially at a time when we are on a fixed income and it is hard enough to pay the premium we have always paid, let alone any increases. There has definitely been misrepresentation, and should be investigated, and possibly a class-action lawsuit. We were told what a reputable company GE is and, of course, we know of GE, and that factored heavily into our purchase of the long term care insurance from GE. How disappointing!
My husband and I took out long term care policies with Genworth in 2010 when we were 60 years old. Genworth had been recommended to me by USAA, the company we use for all of our insurance needs. After researching several companies, I chose Genworth. Last week we received a letter telling us our rate would be increasing $150 a month! Now we will need to win the lottery. When I called, the representative said they had miscalculated the costs in the state of Texas but later admitted it was going on in other states, too. He also acknowledged that there was a possibility of a class action lawsuit. Count me in!
I purchased 2 LTC policies from Genworth in 2010 for my wife and I. We were misled and told the rates were consistent and would not be increased. Naturally, we were most surprised to see the increase and cannot afford the policy. Now we have to lose 6 years worth of premiums because this company miscalculated its business. This is not fair and hope to be part of a class action in the future. Buyer Beware!!!
My wife and I both bought AMEX long term care policies 20 years ago while we were both working for the Federal Government in DC. We have always paid our premiums on time for 20 years and also added some riders to our coverage. Never had a claim. My wife is now 76 and fell about 3 weeks ago cleaning our bathroom. The shutters covering the inside windows were over a large bathtub. We have a shower stall that we always use. Never use the tub. She fell leaning over the tub and fell against the inside of the tub. Broke her leg and dislocated her ankle.
Our Medicare and Federal Employees BC/BS cover the bills. But now that she needs a few items not cover by those insurance plans. I had a rider in my Genworth Policy that covered the items she needed. The doctor wasted time responding to our requests for a wheel chair and a shower seat. She can't get the cast wet and soon will be in a boot with a good bit of time to just sit in a borrowed Transport Chair, almost like a wheel chair, without the wheels on the side to move the chair.
I made a claim, first ever, to Genworth, and since these items were needed fast, they just sent out a nurse to ask her 26 pages of questions. That should have been used to determine what she needed, but they appeared to be trying to find out if she had Alzheimer's Disease. Stupid questions, nothing about her condition and what was needed. After 3 1/2 weeks waiting, it appears that the nurse was just trying to find an excuse to deny benefits. This was not for Long Term Care, just a rider in her policy for equipment needed in an emergency. Today is the first time that Genworth has contacted about what was needed. I was told to get either the doctor or a nurse to approve the items wanted. I know the Medicare paid nurse will approve what she needs, but why the long wait.
I know this company must be in bad financial condition, since it looked to me that they will do anything to keep from paying for items that are listed in the rider. That coverage is $3000 for items needed, but I didn't ask for 10% of that. This is a SCAM. I'm in for a CLASS ACTION SUIT, before we all get dumped. I checked their financial condition on ETRADE. Their stock is about $2.50 a share, and they just sold a term life insurance company they owned, if I read it correctly!
When I purchased my GE Long Term Care Policy, I was told they don't raise premiums on these policies. I looked at the history of the company and at that time, it was true. I was worried it was going to be like my Blue Cross health insurance policy which never failed to raise premiums every year and every birthday. However, not only has this former GE entity increased premiums over the past few years... It's gotten way out of control. With the latest 30% annual increase and the promise to do it again in the future, they appear to have gotten as out of control as their medical health insurance counterparts.
I am now being told that if I can no longer afford my new premium, which has more than doubled to $5000+/year, I can lower my daily benefit. Wow, this sounds so familiar and hits home so hard. Prior to going on Medicare, this perfectly healthy female was paying close $2000 per month for the privilege of having a $1750 deductible Blue Cross PPO. It was called PPO1500, but, when I turned 64, they raised my deductible and my premiums at the same time. Being healthy, I never met my deductible so it was money right into the hands of the insurance company. It was unbelievable. I am so grateful for my Medicare... Every single day.
The licensed insurance agent who sold me this insurance policy is now dead... But I have his communication saved + every piece of paper I have received or sent regarding this policy. When I purchased this GE insurance policy, I entered into a contract. For the specified amount of money I was to pay them, I would receive the correlating benefit I chose as my option for care. The whole point of this policy is peace of mind as I age or get debilitated They promised to care for me, at the level I chose, if and when I am unable to care for myself.
However, Genworth (GNW), is now its own corporate entity; similar to every other corporation on Wall Street. The corporations have turned their backs on us. Their primary objective is growing their bottom line while in turn returning profit to their investors, quarter over quarter. This fact in itself precludes their purported primary objective of providing a specific amount of long-term care to me, for the agreed-upon premium, specified, I pay for coverage. It was clear that if I did not pay this premium in a timely manner that coverage would cease. It was not clear that the premium would rise, based on their corporate greed. It was also not clear that they would disengage from one corporation in order to become another entity altogether. The only thing that remains consistent is my semi-annual bill in the mail.
GE knew the business it was entering into when they offered my contract for long term care. They have analysts that project into the future and map out their growth based on their products. Those of us who decided to proactively insure our illness and aging have invested much money toward this objective. What is it that Genworth wants or thinks we should do when we get too ill or too old to care for ourselves? Will we be treated like worthless entities, lined up in cots, waiting to die, in some large institution somewhere?
I’m also going to submit this horrific injustice to the more liberal consumer friendly Bernie Sanders, who can perhaps address it along with the healthcare debacle and social security threats he's attempting to make right. Watch out Genworth, we the people are coming for you! As we the boomers age, the corporations are going to attempt to take advantage of us more and more until they are stopped. I am going to try to stop them. I am going to lodge a formal complaint with my insurance commissioner in California and seek a law firm to file a class action lawsuit. This is now my Cause célèbre.
My wife and I both purchased policies in 2009. We were encouraged to purchase the policies as soon as possible to insure that our rates would be affordable and told that the premiums would not go up. Now, a mere seven years later, NY State has allowed Genworth 60% increases. This is a pure bait & switch that NY State should be protecting the consumers from. As a consumer I did everything I could to protect myself and my family. Now seven years later and $25K out of pocket I'm told I need to pay up more or cut my coverage. When is the insurance industry going to be held accountable and when is NYS Department of Insurance going to start to protect the taxpayers and policy holders of New York State? Please forward any information regarding a class action suit against Genworth.
With more than 27,000 invested in a policy with Genworth, my premium has almost doubled and I am now retired on a fixed income and cannot afford this increase... I was going to have to make a sacrifice to make the original premium, which I was TOLD would NEVER increase... Thanks for the lies and robbing me of my security!
My father didn't receive his May quarterly statement. He knows when the statements come for his life insurance policy that he has had since 1984!! He called and they stated he should receive it soon. Well he did... usually it's 244.87 per quarter. He received a premium notice - of $1200.00. REALLY... This is robbery!!! He's on a fixed income. He's ready for a class action lawsuit!! What can he do... What recourse should be taken here!! Anyone???
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