About Genworth Long Term Care Insurance
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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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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.
I have been paying for a Genworth Long Term Care policy for close to 20 years. Over the past five years the annual cost has skyrocketed. I've reduced coverage amount and time, still had the cost more than triple. Last month I was sent a "settlement selection option" form. Within a few days, I had made my selection and emailed it back to them, requesting a refund of over $9000 and keeping a remaining $42,000 worth of insurance coverage. (That was the amount on their printed form, based on my original policy and how many years I'd had the coverage). Today I received a confirmation letter of my choice. However, the $42,000 had been dropped to around $39,000 in coverage! They said my refund check was in the mail in a separate letter. So right up to the end, they are lying about the policy and coverage.
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I do my 94 year old grandmother's claims for her care. They never want to pay out what they are suppose to then they pay 1/4 of what is owed and say it’s how it was submitted. They are a terrible company to work with. When my grandfather passed away he only used a fraction of his insurance money and instead of putting it to my grandmother's account they put it in a pot of people that were going to run out of coverage. I will not buy from this company at all.
I bought their policy over 30 years ago with an annual cost of $705, which is to pay only $60.00 per day in benefits. I understood from the salesman that increases in premium cost were possible but had not happened before and if they'd did they would be reasonable. In May last year they were increased to $2,300 a year with no increase in benefits. I have never made a claim and am 96 years old.
I complained to the Kansas Dept. of Insurance which grants raise increases and was told Genworth had the right to do this based on some cost statistics which were provided by a company owned by Genworth. I did research and found that not all states allowed these unreasonable premium increases and it was up to the states insurance dept. to decide if increases were justified. I contacted the state several times and they seem only interested in helping the insurance company, which refuses to do anything about this. Genworth has been sued for the same reason I am complaining about and I believe they lost to the tune of millions but we older long term policy holders were not included in the lawsuit. Don't trust Genworth.
This company delayed one of its early payments to me when it mistakenly sent another payment to an agency I had not used in over a year. Subsequently it has taken an excessive amount of time to honor payments for claims I have submitted. Currently I have in excess of $20,000 in unpaid claims. In addition the company continues to call asking me for a document that I have provided twice and its representatives have told me the company has in its possession.
Purchased two GE Policies in Jan 2003 (How can one go wrong with GE?). Agent neglected to mention that the policies would fall under a "spin-off" company "GENWORTH LTC" months later. Premiums started increasing in 2012 and were double the original by 2020.
Class Action lawsuit: Received Skochin v. GENWORTH Settlement Administrator letter circa March 2020 regarding class action lawsuit due to GENWORTH fraudulent activity against policyholders in all 50 states. A draft document was included listing five "settlement options" available to policy holders who elected to reduce or not pay future premiums. These elections were to be made by an unspecified date in late 2020. Phone calls to GENWORTH and the Richmond VA. Class Counsel attorney throughout 2020 yielded negative information on the Settlement progress.
GENWORTH LTC Acquisition by China Oceanwide: Two Nov 2018 Hindenburg Research Reports (Nov. 1: "GENWORTH: We See Almost No Chance of Regulatory Approval. This Deal Would Be A Disaster For Policy Holders", and Nov 9: "GENWORTH'S Acquirer (China Oceanwide Looks To Be Drowning In An Ocean Of Debt") details scary financial facts about both companies and how it's a no-win situation for LTC policy holders. Queries to GENWORTH and the Richmond VA Class Counsel attorney yielded conflicting information about the Beijing China based acquisition. I sent letters of concern to Congresswoman Elaine Luria and VA Senator Jan Kiggans in Oct 2020. Luria gave an "I can't help" response and Kiggans never responded. (Interestingly, GENWORTH LTC plans are offered as a benefit to VA state employees)
I contacted a LTC industry expert, Mr. Jack Lenenberg (a broker) via business news columnist Elliot Ralphaelson Dec 2020 for an opinion. Mr, Lenenberg stated that the China merger "may never go through" and "The GENWORTH traditional LTC policies are excellent contracts. GENWORTH policyholders should always continue to pay their premiums." My cut: I'm holding off paying GENWORTH premiums to the last minute to see what develops in 2021. I'll likely take whatever settlement options are offered if premiums are doubled again. If the ChiComs do acquire GENWORTH, I'm out for sure.
I like my policy benefits. I was lead to believe that people with a hidden agenda post on this website. I am fit and lean so do not expect to claim on my 23 year Genworth LTC policy but now wonder why I seem to be the only person in my "Class" to be offered a $28000 cash BUYOUT offer by Genworth to drop my Amex 1998 form #7000 PCS-I series policy that covers CHORES like snow shoveling & grass cutting if I qualify for home care. I was lean when I purchased my policy and still am lean enough to pass a medical..
I was recently told by a Sales Agent that all the Genworth customer service agents have Gmail email addressed that start with their full name + 111 so I am reading all these review to see if a full name is mentioned so I can get action on my class questions. That makes sense as usually a Gmail address is a person's first name and last name and a number.
My mother-in-law has had a policy for 20 years paying into monthly. Now we put her in assisted living and we have been jumping through hoops to get them to cover her. They have excuses after excuses. They keep telling us she does not qualify!!! She walks with a walker but hardly at all because she has a bad hip and can't have surgery because stage 4 kidney disease. She has dementia and doesn't take her meds without help, sleeps all day and not to mention her Doctors told us we should put her in assisted living. She gets so confused but can put on a good face. Well that's why, she was having a good the day they interviewed her. If we move her and she falls what next? LAWSUIT!!!
Their response to my request have been sluggish and they work much harder at not paying out claims than making claims possible. I am writing for my 90 and 93 year old parents. This is the year of the pandemic and my mother has leukemia and thus a seriously decrease or non existent immune system. I have asked for a waver so as to limit who comes into their home which without a second thought they refused to give. They don't care about their clients. They only care about stockholders and making money!
I cannot decide if these people are just completely incompetent OR if they are purposefully trained to create chaos and confusion in order stall claims all the while acting like they are helpful. They act so sincere and nice on the phone, but in handling my 86 y.o. mother's claims, I have never been able to speak to the same person twice.
They send letters that conflict with their prior letter regarding what they need or what is missing. I truly believe it is an intentional tactic to avoid paying claims. Reminds me of a movie entitled "The Rainmaker" where an insurance company trained their employees to deny all claims figuring if they did it enough times people will give up or die. I have been trying for months now to get home care services approved and it's like a shell game. One day we get a letter saying the claim is approved and we simply need to submit the invoices and a week later, we get a letter saying they need additional information about her condition or more records from her HCP.
Mom quit paying the premiums after they jacked them up so much she could no longer afford them and so she only has a limited paid up benefit of around $30K. This also means she is a 2nd tier customer now and we cannot access their claims website, so I am forced to call their customer service number, and we all know how that goes. We don't have a lot to lose here, only $30K, but it's the principle of the matter, this company uses fear to sell their product and makes promises they do not keep when seniors are suffering and in need. I would love to join a class action lawsuit and burn them to the ground. STAY AWAY!!!
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.
Genworth Long Term Care Company Information
- Company Name:
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- 6620 W Broad St
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- United States
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