Genworth Long Term Care

Genworth Long Term Care Insurance

 3.8/5 (40 ratings)
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About Genworth Long Term Care Insurance

Since writing our first policy in 1871 as The Life Insurance Company of Virginia, we've been committed to helping people achieve and protect the comfort of financial security. Today, even in this challenging environment, Genworth is strategically focused on helping more people realize the dream of homeownership and navigate the financial challenges of aging.

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: April 8, 2022

My 87 year old mother's health has rapidly deteriorated over the past 2 months, and we've moved her to a skilled nursing unit at $311/day. That adds up to over $9,000/month, or over $112,000/year. She and my Dad paid their Genworth LTC premiums for 20+ years, and were fully paid up by 2016. We did the CareScout assessment for my mother on 3/9/22, submitted the nursing home's Care Plan for my mother, as well as ALL the required documents. The claim still says "pending decision" as of 4/8/22, so I called them and they told me it will take 30 to 45 business days for their review and decision. She could be dead by then! I do not recommend anyone buy an LTC policy, as someone else said, set up a HSA instead.

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 15, 2022

My parents purchased and began paying premiums for a Genworth LTC policy over 25 years ago. My Mother's condition began rapidly deteriorating in September, but we were comforted by knowing their LTC investment would allow my Mother to stay in her home and receive the care she needs... only 4 months into our Genworth claims "experience", we are now frightened about being able to honor her wishes. In 4 months, we have placed $45,000 in claims and only received $1,400 in payments, which means we have been paying for the care from my Mother's savings.

We speak to friendly Genworth customer service agents twice a week, and each week it is a different story and excuse. If you are looking to buy a Genworth policy - DON'T. If you are an existing Genworth policyholder - PREPARE A BACKUP PLAN! It's really sad, as we were once comforted by knowing we had coverage through Genworth, and now Genworth's lack of business integrity is a source of fear for our family.

21 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 6, 2022

    Do NOT buy LTC insurance from these clowns. Processing my mom's claim took 6 months, and everything is a fight. I submit a receipt that shows I paid something. They say it doesn't show payment (when it does), we fight for weeks and then they say they don't pay for that sort of thing. I moved her to a new facility. They insisted on (yet another) evaluation, and took three more months to look at it. It's approved, but it takes three more weeks to look at invoices? She has been in care for 10 months now. They paid a few bucks from five months ago, but not a dime for where she has been living for 4 months. I have paid $100,000+ out of my own pocket while we wait. They are obviously waiting for her to die, or making interest off the money they owe us. And they are nice but customer service is really, really stupid. I have to walk them through everything like they are five year olds. I hate this company, it's garbage.

    30 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 22, 2021

    I actually sold LTC insurance 18 years ago. I bought a Genworth LTC policy that covers my spouse and me. Now I have been paying for 17 years and conclude I made a mistake choosing Genworth. OK, their actuarial work was terrible. But they must also have mismanaged everything. They only now are telling their policyholders the truth because they have been forced to by class action suit. I don’t think I need to advise anyone not to buy a Genworth policy because I think they are no longer selling them.

    30 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 28, 2021

    My inlaws both have Genworth Long Term Care Insurance. They have paid hundreds of thousands of dollars towards their premiums over the past 40 years. Not only has Genworth raised their premiums exponentially over the years, but now that my father in law has dementia and needs to use his benefits it has been nearly impossible and now a full time job just to get reimbursed for his care. There is no way my 75 year old mother in law would be able to wade through their red tape without my help. I'm a litigation paralegal and it's nearly impossible for me.

    I have spent hundreds of hours submitting, re-submitting, re-re-submitting invoices and care logs and then calling, re-calling and re-re-calling to confirm these submissions. Genworth literally does everything they can NOT to pay out for the full benefit amount. These are my tips. 1. Make sure you have access to your policy and claims information via the online portal. Without this, Genworth will leave you in the dark and will try to get away with bad faith practices, including ignoring when your care providers submit invoices for reimbursement. 2. Do not rely on the LTC facility or in home caregiving agency to submit invoices.

    3. Submit everything through the online portal yourself and DO NOT EVER FAX ANYTHING TO THEM. They will claim they never received it or there were pages missing. 4. Log into the Genworth Portal at least twice a week to check on your claims. 5. If something doesn't look right or you haven't been reimbursed after 14 days, call them and get a claims analyst to go over everything with you. 6. If an invoice is denied, they will not notify you or give an explanation - get it in writing what equipment or care has been denied and the reasons for their denial.

    7. Lastly DO NOT GIVE UP. Don't let their bad faith practices and deceptive actions deter you from getting your full benefit paid out every month. They will try everything they can, and you have to outsmart them at every turn. Do not accept no for an answer until you have exhausted all possible avenues to get your reimbursements. It shouldn't be this way, but it definitely is. For instance, we submitted all of the documents needed for direct deposit reimbursements - but instead, they cut hard copy checks and mail them out causing major delays. You just have to demand they follow through. Best of luck to all on this terrible Genworth journey.

    55 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 25, 2021

    I dread every time I need to call Genworth. They don't have a secure message system on their website and every call is on hold for 15-32 minutes. Then you have to repeat the same policy information you previously provided to get in line for the next operator. You can get the side of the business that sells policies answers their calls immediately. Such poor customer service is an indicator of what it's like to manage a policy with this company. Your money is better off in a health savings account.

    31 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 26, 2021

    My 99 year old father has paid up his premiums and now needs to access his benefits for in-home care. I was beyond shocked yesterday when he was notified that his claim was denied. Getting answers is frustrating since there is no one assigned to the case, which I suspect is a stall tactic to wear down the policy holder. I have hired an elder care attorney, who says my experience is typical.

    42 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 20, 2021

    We have had Genworth for 10 years. We are a younger/oldish couple in good health. Our policy has gone up four times in excess of 20%. This year our policy went up nearly 1/3 which was over $2500, and this was after cutting our benefits significantly last year. This company is rated only a C++ which must be because of the difficulty they have in accurately assessing costs (i.e., premiums) and in not making money during a bull market. We are trying to switch policies and are exploring AARP's policy and Mutual of Omaha's. Not sure we will get the same benefits as our policy is a good one not available any longer, but hopefully we will find more stability.

    25 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 17, 2021

    Genworth uses a company called Care Scout to determine whether or not you are approved for LTC benefits. They do not care what your doctor says. My mom went into hospice a year ago after having been in an Assisted Living Facility that Genworth was only paying 60% of the room rate. She has made some improvement that she could go to a facility that has 24 hour nursing care. I called Genworth to see if this would qualify for the 100% room rate and was told that she would have to be at the facility before they could even open a claim. So now after two months they say because the facility doesn't have a nursing home license they will only pay the 60% room rate. We are paying a very high rate to have her in this type of care. They did not bother to tell me this from the beginning.

    A backwards way to start a claim. You are never assigned a representative for your claim. You have to talk to a different person every time you call and then they don't ever give you an answer. It always has to go to the Review Board who sends you unsigned letters. We were unaware that if you did not go back into an approved facility with 180 days, you must satisfy another 100 day elimination period. Even though Covid was raging at the time and we could not have moved her then. So frustrated with dealing with them.

    37 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 27, 2021

    I find it amazing that Genworth has the nerve to raise my premiums from $2500 semi-annually to $3900 after showing an increase in profitability according to their report to stockholders. Apparently, the deaths in nursing homes due to Covid increased their profits. It was only few years ago that they increased my premiums if I remember correctly close to a $1000. I don't know how much other long-term care companies have increased their premiums but to me a 78 year old male in good health is a rip off. I frankly don't remember what I paid for the policy when I signed up in my late 50's but I am sure it was not more than a $1000 a year.

    44 people found this review helpful
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    Genworth author review by Matthew Brodsky

    Genworth shows clients a cost comparison for long-term care insurance and the predicted cost of care in their area so they can be sure they're getting enough coverage.

    • Long-term care insurance: Get coverage for in-home care, assisted living facilities, nursing homes and home modifications, including wheelchair ramps.

    • Group long-term care insurance: Genworth offers voluntary programs for businesses with more than 500 employees to provide long-term care insurance at group-discounted rates.

    • Care services: Genworth can connect you with professional care and caregiver solutions through CareScout.

    • Online account: Review your policy and claim information through Genworth’s secure online web portal. The firm also offers online bill payment for convenience.

    by Matthew Brodsky Insurance Advisor

    Matthew Brodsky is an established expert on insurance, having written hundreds of articles and other pieces of content on the subject, interviewed countless practitioners, and attended dozens of conferences and events. He served as an editor at industry magazine Risk & Insurance for six years.

    Genworth Long Term Care Company Information

    Company Name:
    Genworth
    Company Type:
    Public
    Year Founded:
    1871
    Address:
    6620 W Broad St
    City:
    Richmond
    State/Province:
    VA
    Postal Code:
    23230
    Country:
    United States
    Website:
    www.genworth.com