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.
For millions of people across the U.S., we provide financial security and protection through long term care funding solutions. Our mortgage insurance can help you secure low down payment loans and realize the dream of home ownership faster – even for the first time. When you’re financially secure, you have the freedom to get where you want to go— no matter what path you want to take. With Genworth, you’ll never have to go it alone.
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In the past 5 years Genworth has more than doubled our LTC policy annual premiums. They have even gone as far as to promise another 150% increase by 2026. These increases are enabled by the South Carolina Insurance Commission. The closed door reviews are essentially a pass through for Genworth. Avoid Genworth at all costs!
Take a %130 hike or lose LTC! I invested in LTC with Genworth so as not to be a burden should I need it. I was told there would never be a significant increase. This was definitely significant and I was told pay it or I could use what I had accrued for Long Term Care at $300 per day which would last less than three months! I was told by Genworth in 2016 that the actuaries had made an error in calculation way back when I first purchased the policy! I asked for a payout and to close the account but was told it is not possible. There are now 240 complaints on this platform. Is there any way for us to file a complaint as a group?
My husband is deceased. Our financial advisor was learning about selling this product. Was I the first customer? As far as I am concerned, they have stole my money. There is no way out! I don’t pay premiums, I forfeit. If I don’t take increase my benefits go down. 4yrs to 2yrs. Benefit less per day. Before, you good freeze what you paid in but was a time limit to do this. I asked about it later and of course, no. So no matter what I do, I am the loser. Now they are hooked up with China. They didn’t ask me if I approved, which I don’t so seems to me I should have been able to get my money back. When I purchased this, there was nothing stating this would be sold in the contract. Don’t recall the word China when I said I would take this. My husband had just passed away and I feel taken advantage of.
I’m working for a lady that has terminal cancer with less than 6 months to live and they are making excuses not to pay. This company sucks. Her name is Rose and she only wants to die at home, that is why she invested 500,000. They only allow 7180.00 a month for her care and still owe 40,000.00 for 2018. What a rip off and so sad that you have to deal with this on your final days. The money she has paid in for care Genworth will keep after she dies.
Genworth must be investigated and anyone who approves these outrageous increases. I have an LTC policy with Genworth which I originally purchased from General Electric over 15 years ago. I just received a premium increase from Genworth of 72%. I was paying $7,365.03 annually. It has been increased to $12,667.75. Is this legal? Over the last 5 years my premium has increased $8,365.03. I do not recommend Genworth.
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My wife and I decided to purchase LTHC after experiencing my father's illness with Alzheimer's. We purchased in 2003 two policies one for my wife and one for myself. These were "Lifetime" coverage policies with a 5% annual increase compounded factor. In 2011 we were presented a large rate increase at which time we reduced our coverage to a maximum of 4 years and were able to maintain approximately the same premium. This year we received notices telling us our policies would increase incrementally by 130%!!! We've paid in just under $70,000.00 and now cannot justify the increase on our fixed retirement budget.
I wonder, if the company is in such dire straits, why they pay their top 5 employees an average of $5,000,000.00 a year... CEO McInerney at $8,965,211.00 highest and Attorney ** at $2,027,154.00 with the average being over $5,000,000.00. This doesn't make sense to us... end of story. Worst "investment" of our entire lives.
After moving my mother into an assisted living facility 6 months ago - Genworth is now refusing to pay for her long-term care because they say she no longer qualifies under the "guidelines". I called the assisted living facility to ask if they had been interviewed by Genworth and if anything had changed with her care. They confirmed that nothing had changed with her care and they were confused about why her benefits were discontinued.
Genworth sent a nurse to interview my mother when no one was there to advocate for her and she evidently answered some questions with too much optimism. Even though I and the facility assured Genworth that she still needed assistance with eating, administering meds, getting out of chairs and help with dressing they decided to discontinue her care and give her three weeks to find an alternative home.
This is one of the deepest travesties of our nation presently. Corporate entities focused on greed are doing everything they can to keep money in their pockets with very little care about the elderly that have paid into their policies for years and years counting on that assistance to keep them safe in their last phases of life - it's out of control.
So scams are abundant, avoid long term care. Before I turned 50 and before and health issues I signed up for long-term care with use to be GE Capital and is presently Genworth insurance. My rates have been 3456 per year and I have paid over 15 years. Adds up to 45,456 dollars. This year the rate increased to $9770.00. I am researching and finding that there are several class action suits on Genworth and that they recently sold their long term insurance to China. Not another dime and I will see what I can do to fight this. Any ideas are appreciated. Thanks. Had to vent.
We are facing a 57.75% premium increase this year and projected an even larger one next year! I started my LTC policy 8 years ago and have only 2 years to meet the 10-year paid-up policy. This was my way of assuring my family that IF anything happened to me, they would have a way to care for my physical needs. But, at age 72, I feel I cannot afford this drastic increase and their reduced options leave me feeling that the high premiums I have invested are now lost to an unethical company. Paying any further premiums is likely just throwing more money away. PLEASE include me in any class action suit! This is simply WRONG!
Premiums have increased 90% in the first 10 years of our policy. Since we bought a specific cash payout ($100/day+5% per year), the actual cost of LTC care should not come into the equation. The implication is that my wife is twice as likely to need LTC as they thought 9 years ago. Unlikely, just fraudulent pricing and reserve accounting to snooker the PA Dept of Insurance. Given their equally bad record of paying up when services are needed, we are going to discontinue the policy. For which we get a "benefit" equal to what we have already paid in.
We started the policy when my wife was 55, she is actuarially unlikely to make a LTC care claim for another 20 years, by which point, because of inflation, the paid in amount will buy about a day of nursing home care. What they should give us in a full refund plus a modest interest rate on what we could have been earning on the paid premiums so we can invest it as hedge our eventual LTC needs. Yes, please sign me up for any class action lawsuits going.
Made a claim for my wife upon discharge from 23 days in the hospital. Their nurse came quickly to "assess" her. Even the most biased observer could instantly tell she needed assistance. After two weeks, they were "reviewing" the nurse's assessment. Another week later they were still "reviewing." I had already paid the home care agency and was reluctant to run up a giant bill only to have the claim denied. The need for help diminished and we stopped it. Every time I called, I got the feeling they were "stonewalling" me in the hope I'd give up. A month after the nurse came and all the claim forms were in, they paid. After reading the litany of extremely poor reviews, I see I was not imagining things. I am just glad I was here to be her advocate.
I purchased a long term care policy through Genworth in 2012. At that time it was not made clear that my policy did NOT include a non-forfeiture rider, in fact, according to Genworth's customer service representative, the rider was never offered to me. It was not a part of the group policy. Since contacting Genworth in June to let them know of my coming retirement in September, at which time I would need to be billed personally as the monthly payment would no longer be paid out of my paycheck, I have not received even 1 accurate bill that needed to be paid by 10/1/18. Over numerous phone calls, I was told that each bill was incorrect as everything was done by computer, and no person saw the bills before they were sent to me. I was told to just subtract one month from the final inaccurate bill, and that would be fine.
My antenna is now waving many red flags. If a company can't send one accurate bill following my retirement, can I trust them with my money for services I might not need for 30 years. My online research in the past few weeks has shown that Genworth has received only a C+ rating from the BBB, is not BBB accredited, and multitudes of people are seriously unhappy with Genworth's services and lack of follow through on promises made when purchasing the policy. I am also very concerned that the company has been fiscally unstable in recent years and that to solve their financial problems, my money and future care will now be in the hands of a company in China. I have canceled my long term care policy with Genworth and am very interested in any future class action lawsuit in the hopes of getting back the money I have already paid to Genworth.
My mother has given this company thousands of dollars over the years. She is in assisted living and meets the criteria spelled out in her policy to qualify her for distribution of benefits. They will not pay and keep blocking. She's 94, almost blind, needs a walker, help with medications and daily dressing. It's costing her a fortune, yet Genworth says they need more time to review. This has been going on for 6 months. I now call them every day and get no real answers other than, "it's in review."
This company should be investigated, every year I receive an increase in the policy premium. When will someone look into this. As I get older I cannot afford higher premiums. When I Purchased the policy I bought what I could afford for the coverage I needed and the salesperson assured me this was the best way to go. But I was forced to take less coverage because I could not afford the premium increase each year. All the years I paid the premium and the end result may come to not being able to afford any coverage at all. That as you can see was false presentation. That's why it's rated one star.
Stay away from Genworth insurance, do not deal with this insurance company. Just over twenty years ago I took out a policy and made payments on time each and every year. My policy has now more than doubled. When I called about this increase the rep told me the policy will increase two to three hundred dollars each month going forward. No claims against this policy. Just a increase. I guess the mistake I made was first choosing Genworth, second not dying during the first twenty years. I’m now 52 searching for insurance. Class action suit? Yes.
My husband and I took out LTC policies with then-GE Colony in 2004. When GE sold to Genworth (I think about 2006-07), I was very concerned about what would happen. There were no large immediate rate increases, but the premiums have spiked hugely the past 5 years -- in 2018 our premiums will be almost $5200 - we started at $3400. Genworth sent a letter to advise us that we could call them to discuss options to reduce our premium. I spoke with a woman who answered all of my policy questions -- unfortunately there are NO good options for us.
I also requested information on how Genworth handles claims and she had NO information whatsoever on that, and transferred me to a Claims manager. He went through the steps and I am going to provide them here because HE WOULD NOT SEND THEM TO ME IN WRITING. He said that is company policy, and even his manager would not send them. Nothing on the claims process exists in writing, apparently. I pointed out to him that, even if we have good coverage, fighting for payment is not a BENEFIT to anyone, especially when one is sick.
So I will share the process here from my notes, and if anyone can validate or add to this, please do: 1) No coverage for 90 days. After that, for home care - 2) A nurse's visit and assessment is required. The assessment must be approved by Genworth to determine that you are either cognitively or physically unable to care for yourself FOR THE LONGTERM (i.e. 90 days or longer, i.e. permanent/chronic debilitation, not recurring or intermittent). 3) A plan of care is then drawn up, which Genworth must approve. It can take 2 weeks for the nurse to visit and up to 30 days for approval, so all of this is taking 4 - 6 weeks - that's after the first 90 days.
4) If you are in a facility, you must advance payment to the facility for at least the first month, since the facilities require it, and Genworth only pays reimbursements. If you have home care with an Agency, the agency will invoice Genworth directly - or so he said. But I would like to hear if someone out there has done this, and the results. Did Genworth pay the Home Care agency promptly? Finally if you have home care with an independent provider, they have to fill out two forms - the first an ICP form to get signed up and "approved" by Genworth, and the next to invoice them, he mentioned a grid with dates and hours. The Policy lady told me Genworth pays monthly only for home care - the claims manager said they pay within a month from invoice - these are two different things.
So, a frustrating phone call all around. My impression: they have the policy details down pat and they are very clear - after all, that's about what you pay them. They are sending all of that to me in writing - "in 5 - 7 business days" (no email over there, I guess, hmmm.) The claims process is a total smokescreen. That's about what they do for you, and there is nothing inked on that. I would like to hear from couples. If one of you canceled, did it cause the other's premium to spike?
My husband & I just received letter from Genworth today, essentially informing us that they're reneging on the policies we purchased YEARS ago, by increasing the cost over the capped & agreed to annual increase rate. OR the state as an alternative that we can opt for several grades of "lesser" programs. First thing that comes to mind is we need to band together for a class action suit if we intend to have any say with a big company like Genworth. Does anyone know if a Class Action Suit has been initiated. Also, posting negative reviews on social media, Facebook (on Genworth's FB site) can also go a long way.
What irks me even more about this is not only how unethical it is, but that I called our insurance agent back in February 2018, expressing my concern over a WSJ article I read that stated Genworth sold all their holdings for these policies to China Oceanside Holdings Group Ltd (without notifying us) and also that from the sound of this sale, etc, these might be "red flags" that policyholders like ourselves, should be concerned about. My agent did some research and assured me that Genworth had a RBC (Risk Based Capital Ratio) rating of 400, which means they were very healthy and had $4 of surplus for every $1 of claim received.
From researching the comments it also appears Genworth is very strategically "phasing" these huge price increases for its policyholders, perhaps because they wanted to avoid a simultaneous time coordinated uprising by outraged policyholders who might be smart enough to band together and get a class action suit going against them. Power in numbers is the only way we'll get justice with an uncaring & well protected powerful corporate entity like Genworth. Please advise if you have knowledge of any pending action or means to organize all of us against this terrible injustice. Worse yet, to hit older people, who after years of paying premiums, at the time when they might finally need that policy. Or maybe they're banking on that we're an older population who will just roll over and allow these injustices.
My husband and I did everything right. We decided, rather than turn assets over to our children and stick the state with future LTC costs, to get insurance. We got policies through Genworth (the cream of the crop, lol) when we were 57. After donating to this company for ten years they send us a letter telling us that within two years our policies are going to increase 72.800 percent. I asked my agent, "Is that even legal?!!" The letter stated that increases were because of multiple claims coming in. My agent said that he had more (inside) information that they screwed themselves by investing OUR money unwisely--they lost bundles while stock market is at an all-time high!!! I told him, "I could have put my money in high-risk investments instead of having Genworth "experts" do it!" We are done immediately with this company. I will contact our attorney and accountant and make some important changes.
My mom signed up for Genworth Long Term insurance at some point when I was not around, after my father passed away. The agent was not from our city and had someone else with her who she said she was training. The agent told my mom she would come back at a later date, a few weeks later, to go over everything and answer any questions mom still had. Well, that was about 20 years ago and now that person's (the agents) phone is disconnected. I called Genworth and was advised they did not show anyone servicing our account and that WE would have to find an agent in our area. How can Genworth not see who their own agents are?? I live in a community of about 57,000 and have no clue what to do now. I read these other post about how Genworth operates and am getting very angry. I think I will contact a lawyer and the state of Oklahoma Insurance Commission to see what can be done about all this. My mom is 83 now and not doing very well.
My wife and I took out LTC policies in 2012. After 6 yrs of paying small increases in our annual premiums, we were notified that starting Aug. 2018 our premiums are increasing 51.5%. We are at the point now that we would be wasting our 5 yrs. of premiums if we dump them. Genworth said this was all legal because an actuarial audit had been performed by them to verify the increases are required. Talk about the fox guarding chicken coop. I've written both of my congressperson about this.
I have paid for insurance for 20 years. I am now 91 years old. I NEED A WALKER. A nurse came out the 23rd of April. Said I needed one. Have been filling out forms ever since. Told me they contacted my Dr. May 3rd. It is an army hospital going thru transformation. Today I get another letter telling me I have to wait. I am sure if I need medical help I will be dead before they clear the paperwork. I wrote a letter to supposedly the head of Genworth... I hope he received it. Very disappointed with your co.
I believe Genworth needs to be investigated. I did not confirm amount of money they took from my account. Raised my premiums 51% after 11 years with them. I have given them a great amount of money. Customer service is very poor!!! Long waits on phone!!!
My 94 year old mother paid into this scam for a number of years. I noticed that her premiums began increasing dramatically. I told her to cancel that policy about 8 or 9 years ago which she did do. So, fortunately she did not pay over 50,000 but she has enough invested that they need to honor her claims. My mother's condition is such that she can no longer live on her own without assistance. We have nursing care during the day, independent health aides at night. I am new to all of this and learning quickly the process of submitting claims is so very time consuming and frustrating beyond... do not even know the right word to say. And, for the elderly that do not have someone to do this for them I just feel like something has to be done.
I have been going back and forth faxing documents, making endless phone calls which I would estimate to be in the 60+ range. Then there is the resubmitting of documents that Genworth stated required additional information (even after the nursing company that provides the nursing care called to verify what was needed) and resubmitting them again. And, one Claims Examiner told me she could not email me a form. I am like... Are you kidding me? Who does not know how to email a form? I believe she stated it was company policy or something ridiculously stupid. I promptly called back and talked to a Customer Service Rep who told me, "Oh no, we can email forms but it would take 48 hours for that email to be sent. "
At this point, I was so irate that I say whatever, just send it. I did receive the email in about 24 hours. Not sure how emails are sent with the click of a key but Genworth's emails require 24 hours to be delivered. And, unfortunately, when I completed and resent those forms back in, I was told that the forms I had sent back in were the wrong forms. I mean it is so ridiculous you don't even know what to say. And, let me not forget the claims that mysteriously were never received. In the past 3 months through my many calls I was told 'Claims are reviewed every 30 days'. So this means if you submit a claim on the 4th of the month... it won't be looked at until the 4th of the next month. And, if they review on the 4th of the next month and additional information is needed... by the time they send you a notice of what was needed and you resend you enter into another 30 day period waiting for the claim to be reviewed.
I questioned the 30 day turnaround times of the claims and why it would take 30 days to review a claim. The customer service representative answering the phones told me, oh no, that has been changed. And at least 3 different customer service representatives told me that submitted claims must now be reviewed 15 business days from the date it is received. However, when talking to the person that actually reviews the claims, she stated that it is 30 days. Regardless whether it is 15 or 30 days they still don't pay after 100 days.
Yesterday I received a call from the Claims Reviewer (only after I called a total of 8 times yesterday and told the customer service representative I would continue to call until I got an answer as to when the claims would be processed.) The 'Claims Examiner' calls me back yesterday to tell me that she had mistakenly given me incorrect information in the months prior. She stated that home health care bills were subject to the 100 day elimination period. How are you a Claims Examiner and speak to someone for 3 months and review home health care submittals for 3 months and send requests for additional information AND NOT KNOW the charges were subject to the 100 day elimination period. I find that hard to believe that they are that incompetent. Well, actually after 3 months I do not find it hard to believe.
So, while we are on the phone and I am processing the 100 day elimination period I and I recall a document received from Genworth telling the claimant to submit the charges for the rehabilitation stay that began the claim process. The letter stated that time could be used to satisfy her 100 days. I found the letter in my file and referenced the letter and the date to the Claims Examiner. She had no recollection of such letter even though it was on Genworth letterhead. I told her I would contact the facility to ask for a billing and I would send in so those days could be used. She said, Well I will take a look at them to see if the facility qualifies.
I am holding a letter from Genworth stating the facility is an approved facility and to submit the charges. The Genworth claims examiner does not seem to know how to access letter. Are they really that dumb? I would hope not. I believe it is another stall tactic they use to hold off having to pay a claim. I am wondering if employees receive incentives for the number of claims they deny or refuse payment.
I am so outraged at this company and the grueling process of attempting to receive reimbursement for services that I have vowed that I will make sure my mother receives every penny she is entitled to. And, I am also thinking of how I can offer my services to other elderly people that do not have someone to handle this ridiculousness. To the person that posted the statement about home health care not being subject to the 100 day elimination period I would love to correspond. And, if there is any such notice of a Class Action suit I would love to be a part of.
My 96 year old mother like so many others faithfully paid this company only to get nothing but grief when she finally needed to make a claim. I spend an hour every week trying to prod them into paying as they cheerfully say over and over that they never receive the paperwork or invoices, or they will send something over to claims. They assume you will give up and I am sure most patients who do not have a advocate like myself, never receive a dime. Why isn't there a class action lawsuit going against this company?
3 rate increases in last 36 months - Took out insurance through GE Capital in 2004. A few years later Genworth took over. In 2015 there was a 15.98% premium increase. In 2017 there was a 12% increase premium increase. In 2018 just got hit with a 20% increase. Those compound to 56% over that time. That's unsustainable. At some point you know that the bait and switch is in full utilization. Come on here and read of only dissatisfaction with how Genworth was less than accommodating to those who needed to start utilizing their benefits. We consumers felt we had a vehicle to reduce our risks in old age, not so fast. They got our money to play with for decades and as old age is being reached they are taking aggressive steps to weed us out of their system. Here in Georgia, the Insurance Commissioner, Ralph Hudgens gives them a wink and a nod, a slap on the back and all but says, "YOUR WISH IS MY COMMAND." Disheartening.
First my question to all, is it a financial and HIPAA violation of all Genworth LTC Policy Holders to be acquired by China Oceanwide Holdings Group Co. Ltd without even sending informed consents to consumers? Sadly, we are outsourcing our LTC rights! Second, are USA Genworth consumers going to compromise their LTC cost and benefits on the issues of raising premiums, because Lu Zhiqiang said in a statement referred in ThinkAdvisor Oct 2, 2017, as he wants to complete this deal due to its importance to his company, as it wants to use Genworth's expertise in long-term care insurance in exchange of 2.7 billion cash to help China's 231 million residents over the age of 60.
If Federal regulators have raised question about national security concerns in connection with China Oceanwide Holdings Group Co. Ltd. to acquire Genworth Financial Inc., WHY ARE WE QUIET ABOUT THIS! As a couple we have Genworth LTC insurance since 2006. We were sold this insurance by our ex-financial adviser with an understanding that we will pay fixed higher annual premiums for the first 10 years for this joint LTC account, as long as we kept a NO claim status during this period. Apparently, this is NOT true. We received a statement this year with an increase of 51.50% in premiums after we have invested $50K into this insurance. While Genworth invested my money and made a handsome interest off my premiums all these year, makes a bargains deal with China Oceanwide Inc. Need a class action lawsuit filed ASAP!
Where do we begin. How about the wait time on the phone when you call in to get information. Next when you have someone does answer they refuse to have a customer service agent come to the house to explain WHY the premium went up 51 percent in one year. All questions have to be answered via the website or the person answering the phone. NOT ACCEPTABLE!
We have never made a claim so we don't have personal information on how well Genworth actually handles a claim. The coverage we purchased is what we expect to keep. But in order to keep our current coverage at our current premium, we will have to give up a quarter of the coverage. NOT FAIR. Yes, we did have a clause that warned us that there may be up to a 5 percent increase in a year. But we did not expect a 51 percent increase in one year. The small print in our contract states that the premium increase can be compounded. Isn't it amazing that the increase came once the company had nearly $40,000 of our money. There are options... We can get out, we lose coverage or we can pay a ridiculous higher premium. Not Fair!!! Would not recommend this company to anyone.
I wish there was a way to give zero or minus stars to this company. My mother in law paid faithfully for over 20 years to Genworth. They willingly took her money, but when it came time to get them to honor their commitment, we hit nothing but delay, roadblocks, and more delay. First, after the insured enters an assisted living facility there is a 100-day waiting period before they will make the first payment. When they do start making payments, the insured still owes three months of premium payments. I guess that is just their way of double penalizing you for having to wait 100 days for the policy to "kick in." If at any time while you are in long term care and you have to enter the hospital, Genworth will stop making payments.
My mother in law was in a wonderful facility that had multiple levels of care. When she first entered the facility, she had assisted care. Towards the end of her life, she was given total dependent care. Genworth will NOT pay for a higher level of care if the insured does not move from one building to another building. Greater level of care in the same room does not count in their eyes. We cannot warn others enough to NOT do business with this company. They have only one goal, keep their money in their pockets, and make it as difficult as possible for the policyholder to get the benefits they have long paid for.
My 95 year old father has paid premiums for almost 30 years and now that he needs in home care, Genworth does everything they can to not reimburse for his care provider. They are difficult at best and possibly criminal at worse. But hey, they always have a pleasant demeanor when they say they're working on sending his payments. Shopping for LTC? Look elsewhere!
My aunt and uncle bought long term care insurance about 30 years ago. The company is now Genworth. My uncle paid it 15 years and died before he used it. My aunt had to move into assisted living and has paid it faithfully all these years. Now they are refusing to pay for her care even though she has to have help with every day to day activity and uses a walker or wheelchair!! This company is horrible in my opinion. We are having to secure a lawyer to fight them to get what is rightfully owed to her.
Genworth Long Term Care Company Information
- Company Name:
- Company Type:
- Year Founded:
- 6620 W Broad St
- Postal Code:
- United States
- (888) 436-9678