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In 2001 my late husband and I decided to sign on to Genworth Long Term Care policy. My portion of the yearly premium at that time was $965.74. My husband died in June, 2006. I continued to pay my premiums every year until Feb. 2016 when they increased my yearly premium to $3689.36 which represents a 282 percent increase.
I am now 83 years and I am very sure if I continued to contribute to them the premiums would continue to increase drastically and their arbitrary increases would become even more prohibitive. They offered me a Contingent Non-Forfeiture value contract of $33.643.99 with a 100 day waiting period and maximum $158.00/day with no further payments due which I decided to accept as I have no other alternative. This company is making it impossible for seniors to continue to pay these prohibitive fees. I have never ever filed a claim with them and I always hoped I would never have the necessity to do so. They know seniors cannot afford these unreasonable premium increases and are taking unfair advantage of us as we age. This is unfair and should not be allowed.
After many years of paying large premiums we too received a notice of a 60% increase from Genworth as did many people it seems. This is an unconscious act of greed if not fraud. I am starting the process of contacting appropriate "watchdog" agencies starting with NYS Insurance Department and Attorney General's Office. I hope a class action suit emerges. I will try to get the attention of the US Consumer Protection Agency through my Congressman. I am not sure what this website does other than let people let off steam or feel better because lots of others are being forced out of their policies after paying in thousands.
We bought Genworth LTC 5 years ago. We felt it was the right decision. WRONG! They raised our rates 60%! With $20,000 in their pocket we have decided to drop the policy. We don't trust them. They have no ethics. Our consequences: we lost $20,000 with no recourse.
I bought a long-term care policy with GE Assurance in 2001. That company never increased my rates. But after about 6 years GE was taken over by Genworth. In 2008 Genworth increased my rate by 11%. Four years later in 2012, they increased it again by 18%. Two years later, in 2014, they increased by 26%. Last week I received a notice that in 2016 they would increase another 26% and, for the first time, the letter warned that there could be further rate increases in the future. My rate has already increased 81% since I bought the policy 15 years ago. Genworth's letters tell me I can have a lower rate if I agree to reduce my benefits. But how can I trust a company that sells people one product, then forces them to take one of much lower value at a far higher price, with threats to keep increasing costs until the consumer can no longer afford to buy any product at all.
What is to prevent them from continuing to raise rates on the reduced product beyond my ability to pay, or to reduce services to the point my out of pocket expenses would drive me into bankruptcy and into the arms of Medicaid, the very thing I bought long term care insurance to avoid? This is the most outrageous bait and switch operation I have seen. When I bought this policy, my agent told me this kind of thing couldn't happen because states regulate the increases insurance companies can implement.
What has happened to our state laws? Even conservative Seniors have been good about protecting Social Security and Medicare. Will anyone protect those of us who bought into this long term insurance scam? What are our options? Would even a class action lawsuit benefit the company, driving them into bankruptcy and allowing them, under some reorganization plan to simply cancel the policies we've been paying for all these years as a kind of "bad debt?" This situation seems more like something requiring a Congressional investigation.
We have had long term care insurance with Genworth since 2010. Today we received a letter informing us that our premiums were increasing by 60%, and that they may increase again in the future. The letter stated that this is not due to our age or health or claims, but due to THEIR expenses being higher today than they had originally anticipated. This seems to be dishonest and downright evil on their part. Reading on this site I see that many others are feeling the same way. Where is consumer protection? We will surely not be renewing our policies with them. Now that we are older it will be harder to find an appropriate LTC policy. This is very disappointing, as we felt we had made a good decision in buying these policies but obviously it was a big mistake. We would definitely join in on a class-action suit against Genworth.
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Like many of the other consumers who have written about Genworth Insurance, I too have had a 30% increase in premiums in the past two years. I sent e-mails to Genworth asking specific questions about my policy. The only reply I received is that they had received my e-mail. However, as my renewal dateline approaches I have not heard back from Genworth concerning my questions. When I spoke with their Customer Service Team they told me the answers to my question were "in the mail" and that their letter had been mailed 10 days ago. I have received nothing to date.
A more skeptical person than myself might suspect that they are purposely dragging their feet in the hopes that my current policy (that I have paid into for 15 years) will run out and they made a nice multi-thousand profit and not paid out one cent. (I wonder if a picture of Bernie Madoff hangs in their offices). I'm concerned that websites such as this one allow consumers to let off steam but accomplish little else. If a class action is filed against this company - count me in.
I'm representing my father-in-law and he has Alzheimer's. We noticed in 2007 that his memory was getting bad. By 2009 I contacted Genworth LTC just to see how his policy worked. At that time I didn't want to file a claim because I was able to care for him and I didn't want to activate the policy too soon. I contacted Genworth again in 2013 because I had additional questions about his policy but still didn't want to activate it. The lady that I was speaking to was very nice and encouraged me very strongly to activate the policy because she had seen too many policy holders die before they were able to use the policy, so I did.
I didn't have any problems with getting an aid in to help while Genworth reimbursed us the money. They also waived his elimination period which was 90 days. Getting his policy activated was a breeze. The same year we activated the policy in 2013 he had to pay an increase of 18%, in 2014 20%, in 2015 20% and in 2016 it will be increased another 20%. My husband have started looking into buying LTC and we're scared with whom we might choose in fear of this happening with not only Genworth but other companies. If it wasn't for the increase we would have gone with Genworth.
After paying my premiums for 10 years, I received a letter indicating an increase of 60%. This company is definitely targeting the senior population. The amount of increase is outrageous. I would like to be notified of a "class action" suit. What is also disturbing, the letter indicates premiums might increase again.
I have been a Genworth customer for 5 years. I am 43 years old. I can say without hesitation that the customer service I received with Genworth is the worst I have ever experienced in my life. It took 7 weeks to get my beneficiary changed. Life Insurance is a serious matter. Genworth does not take its work or its customers seriously. After having such a difficult time with Genworth, I started looking online for reviews and ratings. There are few positive things that their customers have to say. Between now and the time for my policy renewal, I will find another insurance company and I will not renew with Genworth. DO NOT GIVE YOUR MONEY TO THIS COMPANY. Read the reviews of others - especially long term policy holders. They should be sued.
I totally agree with the other evaluators. My wife and I bought these policies about 15 years ago. We have pain in about $46,000 in premiums here in NY. Now we are being priced out of the market with MY APPROVAL! Genworth made a bad deal and now wants to back out and steal millions in paid premiums when those buying them will start needing them. I am now 67 and my wife is 61 with increasing health issues/disabilities. DO NOT BUY THIS TYPE OF INSURANCE. We should have banked the money instead.
See my Facebook page: LONG TERM INSURANCE CROOKS. File a complaint with your state consumer protection agency and contact your representatives. They said this is not age discrimination. I beg to differ. These policies were bought by a specific age group targeted by the increase. Instead of charging more for new policies and suffering the loss of more suckers like us they now want to simply back out by pricing us out. Makes me wonder who in my state (NY) is protecting us. A class action would be welcome. Perhaps a criminal investigation as well.
I purchased a LTC partnership policy with GE initially which now is held by Genworth. I have religiously paid premiums for 11 years. I can attest to those who have said that GE's sales pitch assured us stability in premiums for locking in when younger and with no health issues. The contract even states that premiums can only be raised under a limited basis. My mistake that I didn't ask them to define "limited basis". Now I am informed that my premium is being raised by 60% and their partner NYS has allowed this.
This is a massive fraud imho. While they stated that this is not based on age or health, this group of insured is now older and a higher risk for them. So they want to price us out of the policies that we all have invested heavily in. They want us to drop the policies because they are making it unaffordable for many who have invested into a policy in good faith for many years. Most of us could not get a different policy at this point. They have put us between a rock and a hard place. Shame on the lawmakers of NYS for allowing this to happen. I have contacted all of my legislators about this. It's unfair to slam anyone with a 60% increase all at once. Genworth has screwed up in their value assessments and now they are able to screw us without any ramifications to them.
My husband and I have had long term health care insurance policies with Genworth since 2007. It wasn't until we also got our 60% increase in our premiums that we started to look into this company. Like so many other customers, we feel that this is as deliberate act on the part of the company to force their customers to default on their premium payments. Shame on them! We have paid the premiums every year and are not going to renew our insurance policy after paying $40,000. I refuse to give this company another dime. Genworth, along with its executives, should be investigated for fraud. Their mismanagement of the company will force many policy holders to lose their long term health care insurance because they are unable to pay this ridiculous increase in premiums.
If you google and do more research on Genworth, you will learn that Board Members of the company have filed law suits against two executives. But who will protect us the policy holders? We live in New York and we are going to contact the Attorney General to file a complaint. We are also looking into what legal action we can take to recover the premiums we have paid in the past. But, if anyone puts together a class action suit, please let us know.
Finally, I trusted my insurance representative to sell me a policy that made sense. Unfortunately my husband and I should have gone over this policy line-by-line. I called a representative from Genworth to find out what the criterion was to be approved for assisted living. There were six daily functions that if I could not perform 2 of them on my own, then I would be eligible for an assisted living. Well, based on their list of six, I would not be even eligible for an assisted living but would need to be placed in a nursing home. Their threshold for dependence is beyond what is reasonable. The bottom line is that I do not trust Genworth nor do I want to have a policy with them based on what I have learned. As policy holders, we should have some legal rights.
We bought our policies for long term care 13 years ago. We bought while in our forties so that our premiums would remain low. We just received our increase notice demanding a rate change of 60%. The reason for the increase is basically poor planning on the part of Genworth - "Oops, we made a miscalculation!" Apparently their actuaries were incompetent. But that is not my problem. This is a legal agreement, as far as I'm concerned and we only purchased this policy because it was affordable, and would continue to be so for the duration. A 60% rate increase is exorbitant. Isn't there any consumer agency that protects people from this kind of gouging?
It has been extremely difficult to work with this company. We had our 93 year old mother approved for full care at home benefits. She has become much worse and has Alzheimer's so we moved her to assisted living facility because she needs more care. This company decides to reassess her with a nurse that said she does not meet their requirements. So they just stopped paying her benefits and say they are looking into it. Both her Dr. and the neurologist said she needs care and she can’t take care of herself.
This has been going on 3 months. Every time I talk to them they change their story. I am her POA and guardian, all correspondence is to be sent to me but they continually send mail to wrong addresses. We hope and pray they get this straightened out because this is very stressful financially for the family. She has been paying for this insurance since 1997 and it is now time for her be able to use it.
Genworth Financial - Is it a takeoff of The Rainmaker or is it a Ponzi scheme? I bought a Long Term Care policy in the 1990s and have been paying the premiums regularly since then. The quarterly premiums have gone up from about $950.00 to $1105.78 at the present. BUT now they are raising the payments by 60 percent. It seems obvious to me that their intent is to force their policyholders to cancel their policies before they can be used and thereby reap a huge windfall of money. Therefore, I am suggesting a Class Action lawsuit be filed to stop this egregious process from proceeding any further or that a cash buyout be offered to those policyholders who no longer trust this company.
My wife and I have held Genworth Long Term Care Insurance policies for decades without making any claims. In October 2015 we were told our premiums will increase by a whopping 60% unless we drastically reduce our coverage. Genworth appears to be targeting long-time customers who are now old enough that it would be very expensive to open new LT Care policies with a different company. I'd understand reasonable premium increases based on rising medical costs, but 60% is absurd.
Genworth recently increased premiums 60% which is disgraceful. As I've read suit has been filed by shareholders for gross mismanagement of funds. Called Genworth to reduce benefits to keep same premium however this is not an option. If there is a policyholder class action suit in the works please advise. We should all take part.
I have had this life insurance policy for over 10 years paying 48.00 every three months. I would have been paid up after five years of my $250,000 life insurance policy. I miss one payment. Try to make it following the advice of a customer service representative. She told me not to make it. I have to be reinstated. Little did I know that when I got the letter back, I was rejected for reinstatement due to build. My health is perfect because I am to them to be overweight. They wanted me to take out a new policy paying 100.00 a month for a 100.000 policy. They are a rip off, and I don't recommend them to anyone. They discriminated me for false reasons to get a new policy with a higher quote.
Genworth recently raised my already outrageous insurance premium for my LTC policy by 60% from approximately $2,400.00 per yr to $3,600.00 per year. I've struggled to pay these premiums for the longest time. I've never in all my day, and I'm no spring chicken hence, the need for LTC insurance, seen anything as preposterous as this. I could understand an increase of 10-20% or even more depending on the circumstances however an increase of 60% indicates to me the company has made bad business decisions and is unstable. Therefore I am looking elsewhere for coverage.
What they should have done if they desperately needed such a boost in revenue was grandfather the existing policy holders and increase premiums on any new policies they write. Or, increase premiums on a graduating scale inversely proportional to and based on the tenure of the policyholder. That is to say, the older the policy the less the increase. No matter what they could have come up with a way to lessen the burden on seniors which is the whole purpose of LTC policies in the first place. These policies in NY boast a NY state partnership with certain LTC carriers such as Genworth in which either the state subsidizes the cost of the policies in lieu of carrying the larger burden and cost of nursing home care. At least, this is what they would have like you to believe so they can sell more policies, and, as I was made to understand.
I later found out this is not true. They do provide for a personal tax deduction of the premiums. Interestingly, the whole idea of a 60% increase may accomplish precisely the opposite of what Genwroth anticipates since, I, like many other people are struggling to pay the existing high premiums and may be forced to drop the policies. Many people will undoubtedly not be able to maintain the burden and have to seek other alternatives. If Genworth made such bad decisions and can't afford to pay their claims, which I suspect is the reason for such an outlandish and what in my opinion is bordering criminal act, then there should be some regulatory agency that should investigate both the lawfulness of their business activities namely the credibility and legality of the increases and then consider a class action suit against the company for unethical and unfair and immoral and deceitful business practices.
I don't think anyone would have signed on with Genworth had they known of a potential increase of 60%. In addition, this may not be the last increase. One thing for certain I am going to spearhead an all-out, no holds barred campaign to discredit Genworth in such a way they will never be able to sell another LTC policy and may even end up having to make amends for the damages and heartache they have already caused for so many peoples and, negatively affected so many lives. As for now I will be shopping around for LTC coverage with another carrier. Genworth you should hang your head in shame!!! What kind of idiots do you have running your company that could not foresee this happening and make the necessary adjustments? Insurance can be a very profitable business in general and five year old could have managed this situation better. Idiots!! The lot of you!!!
In 1989 my mother purchased a 75000 policy on me for 25.00 a month. The surrender value kept going up but never exceeded $4000. Three months ago she received a letter saying that the policy was going up to over 200 a month. It seems that the month rate kept going up prior to this but they took it out of the cash value. So now the value is $54.12.
I personally called them and cancelled the policy. Filled out the paperwork and faxed it to them as requested. Since then I get two letters every month. One says your check is in the mail for $54.12 and the other says we owe 280.00. I called them again and they stated they never got my faxes which is untrue because the person I talked to said she received them and so did my fax machine. So now we have paid in over $9000.00 with absolutely no benefit. I firmly believe that this company is a fraud and should be investigated. No telling how many people have been taken by this company.
We received a letter in the mail from Genworth Long Term Care insurance that there is a change in our policy. They want to raise our long term care insurance by 60% next month. They say that their decision is not based on age, health, claims history or any other characteristic or current economic environment. Their decision to increase is based on the fact that expect claims over the life of our policy are higher today than was anticipate when our policy was originally price. As a result rate increase is warranted. This is totally unacceptable. We are looking elsewhere for LTC insurance. We want others who have their insurance with this company to be aware of the increase.
My Parents had to move into assisted living in Dec. last year. Years before they had purchased a LTC policy (at my urging, I had purchased LTC for my wife and myself also). The move for my parents came unexpected and was made quickly when they applied for their LTC. I understand it takes time to process new claims and All the people I have dealt with at Genworth have been very nice, but nice doesn't pay the bills. After more than a hundred days they finally started to receive benefits, but not before being subjected to endless roadblocks and what is beginning to seem like senior harassment. Both parents are in their Nineties and need help to manage daily life.
The assessment reviews requested by Genworth and conducted by third party private assessors are a joke. I have sat through many of these and watched in pain as my parents struggle to maintain their pride and dignity while trying to answer the questions. This all boils down to a 10-20 minute interview/assessment that affects their lives and Genworth's obligations to pay them what they bought in good faith and have invested in for years. Well GW finally got an assessment that favored them, Dad no longer qualifies (under the small print) for LTC. Even with the LTC payments it takes all of my wife's and my SS each month to pay their bills (meds, Dr.'s. etc.).
I was living in Texas and retired from teaching, Texas Teacher Retirement. The district would always pay my premiums through my check. When I retired I sold my home and moved to Kansas to be closer to my aging parents. I had several addresses. I figured they would call me when they needed to continue my account and ask me what I wanted to do. I finally received mail and they said I would have to pay 3 months at a time which was most of my retirement check. Needless to say my premium lapsed 30 days (which is not time at all) and they cancelled me.
I just got a letter today asking me to turn in a paper with a name to remind me if my payment was overdue. So, I called them and the rep said I was cancelled. I said don't they take into effect when a person moves several times and retires. And they don't tell you, you are expected to pay ahead 3 months. She didn't say much not even "I'm sorry". So, I'm out many years of premiums and no long term care insurance. Not Happy.
Just received my Long Term Care premium for next year and it increase of 19%. I have been with GE LTC for 17 years. Looking at my 1998 contract GE says they have "Premium Stability and are proud to tell you that since 1974, we've not raised our premiums for any long term care policyholders." Healthcare costs are astounding. LTC companies just want your premium to continually go up until insures ability to pay becomes unsustainable and they drop out. Our government needs to get control of this cartel.
We have been paying into our Long Term Care with Genworth for over 10 years. We have put in $40,000. How dare they triple our payments. We were told there would not be a large increase. I agree that we all need to look into a class action lawsuit.
My wife and I each bought a long term care policy from Genworth 9 years ago. In July 2015, we were informed our premiums will increase 60% effective September 2015. The alternatives they offered to reduce the amount of increase would result in material and unacceptable benefit reductions, e.g.: reduce the maximum benefit period from "life" to 4 years. I feel the magnitude of the increase is unconscionable. I also feel the New York State Insurance Department which allowed the 60% increase has failed to protect the consumer.
We purchased long term care Genworth policies and paid for 8 years. My husband needed hospice care at home after a stroke for four days before he died. Genworth jerked me around for months, requiring extensive paperwork (the "long term care plan" - one does not have a "long term care plan" for a person who has only a few days to live; detailed invoices from the self-employed home aide; proof of submission to other insurance) and only paid out $360 total. It is seven months later and I still cannot get reimbursement for the doctor that they required to "supervise" the hospice workers. Genworth will do anything they can to avoid paying out on claims.
I bought a LTC policy from GE Financial in 2004 and have always paid my premiums on time, first to GE and then to Genworth.. Last month I was notified that my premium would be increased by 60%, but since Genworth Life, a very CARING company, recognizes that this may be a hardship especially for people on fixed income, they graciously offered their policy holders 3 options. All of these would substantially reduce the benefits I had contracted for and are unacceptable. As option #4 they should offer to supply everybody over the age of 80 with a cyanide capsule. Wouldn't that solve their problem so they could show big enough profits for their shareholders and company executives? Why doesn't Genworth at least offer to return the money that they collected from me over the years? This way I could invest it and have a chance to take care of myself the best I can.
Why should I trust them that if I chose option #3 they would still have that money available to pay for my care until there is no money left? How difficult would they make it to pay a claim? I bought LTC to have peace of mind and to avoid being a burden to my children or the US taxpayer but at this point I have no trust in this company and probably will not be easily be convinced to ever buy LTC again. Genworth should take the word CARE out of their policies and so should our government agencies that approved these increases.
I do not recommend anyone buying Genworth ins. My wife and I both took out policies years ago. 18 months ago my wife suffered a stroke. Genworth has turned into complete jerks when it comes to paying claims. They are not worth the effort. I am looking into dropping my policy and switching to another. DO NOT BUY!!!
This is the third year Genworth has failed in a timely manner to issue an annual billing statement. During the past two years I have had to call them and ask why I didn't receive a bill. I never received an intelligent answer. But, a bill showed up shortly thereafter. This year it is the same thing all over. My policy expires on July 26, 2015 and I have not received a bill yet. This could be a scam to cause the policy holder to not pay on a timely basis and have the policy cancelled for non-payment.
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