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 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.
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.
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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.
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.
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.
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.
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
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- 6620 W Broad St
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- United States
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