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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My mother is 86 years old and has been paying to Genworth for about 15 years without a claim. Four months ago she had a double stroke which resulted in her needing to go into assisted living. I called Genworth to set up a claim and they sent out a nurse/evaluator to evaluate my mother. My mother's doctor, the assisted living nurses and the rehab nurses all agreed that for her own safety and well-being she needed assisted living. Genworth's own evaluator at the time said there should be no problem with my mother getting her claim but we were turned down and told that she did not meet the claim requirements. She cannot bathe herself, dress, medicate, cook, or be left alone for her own safety but they say she don't qualify. I have been dealing with them for 4 months and am going through a second review. This time I had my mother go though a psychiatric review because the doctor suggested that might help with Genworth's decision. It seems to me that this insurance is a scam. If a lawsuit is in the works I would like to be part of it.
This company's claim department needs to be retitled to match the song "Runaround Sue" because that is all I'm getting trying to assist my Mother-in-Law with her husband Long Term Care policy claims. He has 2, which are assigned to 2 different claims analysts. My mother-in-law signed a Genworth provided "Authorization to Release Information" in August 2013, and I have been talking to them ever since. So recently I called about a missing payment and was told they never received the fax (probably got lost because they had moved offices was the excuse), so I sent it again to the person who I talked with and then called to make sure she received it.
This missing payment was from May, 2014 and after all these faxes, the payment still has not been made. So on 7/24/2014, I called to see why and was told that it would be paid in August (hopefully they meant August 2014). Wanting to make sure we have received all the payments due under both policies, I asked the gentleman to send me payment history for both policies. He instructed me to send a fax with the request, signed and dated, which I did. Today, 7/29/2014 I received a call saying I did not have authorization to receive anything in writing only to receive it verbally, AND that I would need to send in a new request and separate the two claim numbers because they are administered by 2 different analysts. I could go on, but you get the drift of why I am angry. I think it is worst than bad customer service, I think it is intentional to try and avoid payment of claims on policies that have been paid faithfully since 1991. I will be writing to a Genworth Executive as soon as I can uncover where they are hiding.
My financial counselor suggested I might want to look into long term care insurance so I applied for a policy with Genworth. Not impressed with them. Full disclosure - they reject my request. Not a problem. They are taking the risk after all and they need to make what they consider to be smart underwriting decisions. My issue with them is it took them nearly 2 months between the time they made their decision to the time they notified me! Wasted time, I could have been using pursuing other options. And they only responded after several requests for an explanation. They need to go back to customer service school.
Stay away from these crooks! I worked at the Post Office for 20 years, while out recuperated from another surgery I fell and broke my leg. They only paid $1600 instead of $2000 that I signed up for and NOTHING for the 8 months out of work with my broken leg (2 bones, rib & fib). Then the PO fired me and I almost lost everything I've worked my whole life for. They were mean, snotty and didn't care!
I have been searching for LTC protection for sometime now and realized that we were not getting any younger but we still had no issues and we were mid 60's. We researched a lot and talked to brokers and LTC representatives. It took a lot of time but we finally narrowed in on Genworth as our best option for coverage and cost. However I kept reading reviews and came across this site and was crushed by the negativity. I am so dismayed that there is so much wrong with this industry. Shame on the companies for putting people in the position that after 20 or even 30 years they would have to drop coverage, just when they might need it, because they cannot afford 60% and in some cases 95% increases and sometimes both increases. I also must add that they cannot get these increases without approval to do so from each state's insurance commissioners. Shame on these officials for putting their elderly in such a devastating position.
My opportunity to sign up with Genworth ends on Monday as after that they will no longer write this type of policy. I guess I have to let the opportunity pass me by for fear that on Tuesday my rates would go up because they already know that this type of policy is costing them profits so they discontinue it. I wanted to do this to make our future more secure. I guess this is not the way, but what are the options.
I think a class action suit might just wake up some people to this crisis. States need to hold the companies accountable and make them provide coverage that does not just take your money and then leave you without that coverage based upon rate increases they approved. What are we to do with costs rising, inflation rising, insurance benefits shrinking and our retirement earnings remaining constant. The companies are supposed to be providing us protection. I guess they missed the word "US". Thank you for your comments.
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Have appreciated the comments thus far as we review and make a decision regarding whether to continue to pay premiums or not. My husband is turning 70 this year... we bought about 10 years ago. We had a 33% increase this year. That's bad enough... but it sounds like there is no guarantee that it will stay even at that, but that they could continue to rake in big money the older we get, when we can afford it less. Like many, we were told they rarely raised premiums, and if they would, it would be by maybe 4 to 5% increments. Discouraging.
I purchased Genworth long term care in 1996 and paid 122% to add 5% cost of living - "life" term features. The 2014 premium increased 74%. I was given an "option" to lower the rate increase slightly by accepting a 4 year term. Bait and Switch?
We contracted for spousal LTH policies in 1998 and have continued to pay premiums until the latest rate hikes which force us to make decisions we shouldn't have to make (rate hikes approved by the State of North Carolina). Shame on me for not getting out sooner but we bought into the responsible act of providing our long term health and assumed that some nominal rate increases would be necessary only for the "5% compound inflation protection". Insurance business is about competent actuarial underwriting so as to be permitted to be sold with accountability to the general public.
We, particularly septuagenarians and older, are in a heck of a mess and will probably need to have our children incur our expenses assuming that they may be able or willing to do so. Clearly, LTH care industry needs better oversight. However, at this point in time, a class action complaint must be initiated to penalize the outrageous administration of Genworth. Count me in.
I read the negative reviews and now I am scared to continue to pay. I Am in over $20,000 worth and my payment is due this month for the year. I am concerned re the client in intensive care and coming home to declined care at home even though cannot do ADL on her own. This is scary. Also, I am on fixed income. If it goes up very much, I can't pay and lose my money. I want reassurances about these things.
I want to join with other policy holders in protesting the recent rate increases for long term policy holders. My increase is 95% and I am 85 years old. I have paid for over 20 years and my deceased wife's policy expired without a claim. I will join a class action if reasonable.
Correct me if I'm wrong but why does Genworth increase premium rates for minor/easily controlled medical issues? An example would be Type 2 diabetes which can be easily self-controlled by diet and exercise or with a pill. Even if injections are needed, this is a simple process and is most likely done by the diabetic or one of the nursing staff. Having a nursing home staff give the injection certainly does not consume a great amount of time. If additional medical attention is needed, it is usually done by a doctor who is paid through Medicare.
But Genworth is not alone in this practice of increasing premiums for minor/easily controlled medical issues. Why do LTC companies do this? Simply because they can. So it is up to us the consumer to use forums like this to inform as many people as we can. Luckily, I saw this website BEFORE I spent any money with Genworth. My heart goes out to all of you who wasted money on Genworth.
Yes, as others have stated, at the time we bought our shared long term care, one selling point was how great GE's track record was at pricing policies so there had been no price increases. There have been price increases every year since Genworth took over. But the increase this year is over 60%. We are very unhappy and disappointed.
We have spent over $30k in the past 15 years. We were told the price would never increase. This is blatant fraud. Has anyone looked into a class action lawsuit?
If people in these various classes of Genworth Long Term Care insurance think 20% or 32% is hard to swallow, they should have to deal with the 95% increase my husband and I just got...effective 5/27/14. They say that there will not be another increase for five years. In the mean time they will have gotten an additional $19,000 from us. We have had no claims and hope to never have any but this is ridiculous.
I have had a LTHC policy since 2002 and have always made my annual premium payments not only on time, but usually one year in advance (2 years per policy terms). I recently noted on checking my policy (in order to make another annual in-advance payment) that my policy amount had increased from $1604 per annum to $2131 per annum or a 32 % increase. This is without any claims ever made against the policy. I called Genworth and they stated that according to the policy, they had the right to increase premiums if they increased the premiums for all the same class of policy owners without specific rating issues.
I did see this on page one of the final policy they sent me but never saw this in the original application. The customer service rep stated that it was in the application on the last page which was attached to my policy. I reviewed the original policy (which was heat sealed with tamper proof condition) and found that that page was not included in my policy. The rep then stated that the Texas Insurance Commission approved the premium increase (which I find hard to believe if the commission knew it would mean 32% increases in premiums for my class). I was asking a couple of other questions in a calm but inquisitive voice and the rep hung up on me!!
This is the same complaint noted by an earlier reporter to this web site. I intend to file a formal fraud complaint against Genworth on the issue. Not due to the hang up, but I have found three different newspaper and magazine articles where the CEO of Genworth, Mr. Michael Frazier (as of 2009) over the last two years has stated that the LTHCI business is not a good one (even though they are the market leader in policy coverage) and that they intend to raise premiums under this "small print" and misrepresented ability to increase the "Lapse Rate" of long term policy holders.
This "Lapse Rate" is defined as raising the premium to a level that the policy holder cannot afford to own the policy any longer and they cease coverage. This results in the policy holder losing all of the premium value they paid over the time they held the policy (in my case over $19,000)!!! The benefit to Genworth is that those of us who are close to retirement that planned on the level premiums (yes the agents said the premiums would not change!!!) cannot pay the increased amounts and loose the coverage... and Genworth would never have to pay out any benefits under the policy.
I feel like I have been cheated out of my $19,000 (!!!) under the guise of improving shareholder equity! The Obama Healthcare program specifically works to avoid this kind of general mistreatment of citizens, yet Genworth feels like it cannot be approached. Avoid Genworth products unless you are clear on the fine print and make sure your Policy contains all pages of the application (unlike mine). No wonder Genworth customer service reps hang up on clients... They are too embarrassed to stay on the line.
When I phoned Genworth to discuss our twelve year old policy and my options for a recent 20% rate hike, I was astonished that two of their customer service representatives hung up on me. The conduct of my phone inquiry was entirely civil. One of the representatives did mail me information on rate options. However, the conduct of their customer service representatives and the litany of other complaints shown on this message board do not contribute to a very favorable impression of Genworth. I am currently undecided like many others if my LTC policy is worth keeping.
We've had our policies for over 20 years. Always made an annual premium payment. I remember the salesman saying that when one of us died, the survivor would still have the insurance, but not have to pay any more premiums.... Did anyone else hear about that or did we look particularly gullible? We can't really afford the premium increase, but if we cut down the benefits, will the policy be worth keeping? How's Obamacare doing on long-term disability... or is it?
I bought two long term care insurance policies, one for me and one for my wife, back when the company was GE. I have been paying the premiums for about 14 years with no claims and we do not need to use their services now. However, since the company has shifted to Genworth, I have had several premium raises for each policy and I just received another letter stating that they will raise both premiums again in May 2014 and that more future raises are on the way. Needless to say, I am not happy. I would like to know if there is any way to recover most of the money I have paid in premiums, if I cancel both policies. If the information from other policy holders that have commented on this site is accurate, It looks like this is a long term scam and I want to get out before I pay more money or need the service. If anyone is organizing a class action suit, I would like to know about it.
My mom has paid Genworth for 20 years. She was rushed to the hospital on Dec 19, 2013. She had pneumonia and went into respiratory arrest. She has a lot of health problems and has battled back to a state where she needs assisted living. Genworth interviewed me about her condition and told me she did not meet the criteria for them to pay. I am very upset of course, but I am not a qualified physician so why would they even ask me or take my word for anything.
She is on oxygen. She is a fall risk. She cannot give her own meds which include insulin. Because she is a co2 retainer, she is very likely to have periods of confusion. They are just putting us off and trying to get out of paying. In the mean time, we received a letter saying over the next year they would be going up 60% on her premiums! Yes I am angry and perplexed. We are fighting this so I will let you know the outcome.
My wife and I bought a long term policy in 2000 and the company was GEAssurance I believe. The agent made a big deal out of GE standing behind it and that they viewed this as a societal responsibility and did not consider it a major profit center. That rates had NEVER been raised and he did not anticipate they ever would but could be raised a reasonable amount based upon claim experience. The company was spun off into Genworth some years later. We did not consent to this. As far as we were concerned we had GE's firm backing.
Several years later our premiums were raised eleven percent. Recently we received a letter advising of a twenty nine percent increase and warning of future increases. Basically my reading of the letter was that they were encouraging us to cancel our insurance leaving thirty thousand of premiums we had paid on the table, or to pay the increase, or to agree to revision of the inflation protection option, or to something called a non forfeiture option which would reduce their exposure from currently about $550,000 to about $30,000.
I am outraged about the huge salaries I have read about and paying the ex CEO over two million to leave. I would also be glad to join a class action against both Genworth and GE who are agent assured us was with whom we were dealing. This company has not treated us fairly.
My Mother had coverage with Genworth for 9+ years, premiums increased each year. In November, she needed assistance with daily living and a sitter was hired from an agency. In January, we increased the days the sitter came and decided it was time to contact the company to help with payments to the agency. Mother died the Sunday before I was going to call on Monday. Because she died and she had not had assistance for 90 days, Genworth will not help with the payments. Their no service department said they could have waived the 90-day requirement if she were alive. GREAT.
I don't know what to do. I'm 65 and now coming into the years when I need it. Google Genworth Long Term Care profit margins. I'm just sick. Am I throwing good money after bad?
Our Long Term Care Premiums have gone up 40% in one year. Their letter basically promises us that future increases are coming. If you call their customer service number, you will be on hold for a long time. They won't even take credit cards for payments. Worst Company to deal with.
My rates are increasing by 130%. If you all could contact me maybe we can get some action started against this company. No, I am not a lawyer, just another 80 year old who has had it with this company. Here is what I found out about Genworth Life: My long term care insurance company is increasing my rates a total of 130% over 4 years, and the State of Nevada has approved this increase. Genworth Life of Lynchburg, VA has/is increasing my rates as follows: 2013 - from $212.87 to $251.18 (18% increase). 2014 - rate increased to $334.08 (33% increase). 2015 - rated increased to $ 414.45 (24% increase). 2016 - rate increased to $494.83 (19% increase). Why the increases? Greed and mismanagement.
Long term care is not paid for by Medicare. It is an insurance policy that people pay for years in advance of needing benefits. People take these insurance policies in order to provide for their own nursing home care if they should ever need it. But when you're on a fixed income and 80 years old, how are you suddenly going to pay $500 a month for long term care insurance? Especially when the contract you signed was for about $200 a month AND you were working at the time?
Genworth miscalculated how long people were going to live, how many would drop out of their insurance policy (die), how much health care costs would increase, and how little their own investments would bring in. But they are determined to keep up their profits. So they are sticking it to retirees in their 70's, 80's and 90's to keep up the fat salaries for their executives.
Here are a few facts about Genworth and its management and its compensation: Martin P. Klein, CFO - $3.1 million; Kevin D. Schneider, Exec. VP - $2.5 million. Patrick D. Kelleher, Exec. VP - $2.3 million; Leon E. Roday, Sr. VP - $1.6 million; Total executive compensation in 2012 - $16.63 million, up 53.28% in a year. (Source: Morningstar Financial). In addition, M.D. Frazer, C.E.O., was removed from his position because of incompetence and heavy losses in the mortgage division. He received $2.25 million as a parting gift. His total compensation was $6.69 million, including the separation payment. Frazer was rated the WORST CEO in American business (Source: Bloomberg Financial).
Now the small insurance holders such as I are left holding the bag for greedy management people. The company was subject of a class action suit in California for removing $226 million from the reserve fund as an excuse to raise premiums. The plaintiff stated that "had Genworth simply not reduced its aggregate reserves by $226.2 million to increase its own profitability, it would have had aggregate reserves far more than the projected $555 million it seeks to collect in premium increases over the next 40 years." The suit was dismissed because of a jurisdictional technicality.
I am sending this out because it is another outrageous act by a big company that is determined to make its obscene profits, and pay its obscene management salaries, at the expense of retirees. That the State of Nevada has approved these rate increases is also outrageous, but Genworth has been raising these rates all over the country. I just want people to know.
After reading all of others premium increases forced by Genworth, I can only say me too. Since 2000 my rates were pretty solid until 3 years ago and then I was hit with two back to back 11 percent hikes, and now in 2013, I got a 47 percent hit. After reading all complaints, it seems options are not all that thrilling. Am beginning to look for a class action suit somewhere...
We bought our policy in 1999. I was 53 and my wife was 52. It is their best policy and in their info packet it states that they do have the right to increase rates with a long drawn out procedure. It states their goal has been to price the long term care policies so that premiums will remain at original levels for the duration of the policies. It goes on to explain what would cause an increase. In my mind it would have to be catastrophic loss of many lives to cause the increase. I am 67 now and my health isn't the best so buying this insurance is cost prohibitive if it were even available to me. We just received a notice that our premium would be increasing by 78% and no explanation.
Missouri has not had untold deaths above the norm and it states health nor age would cause an increase. They have provided different coverage of much lesser and shorter time periods so we can still afford it. My wife's annual premium was and has remained $546 but mine started out at $1160.00 annually and has gone up every year. Last year it was $1549.76. That's 34% over the years and now they want another 78%. It's their business and they know older people can't afford or even find policies so you are at their mercy. I would advise anyone to run from this company.
The premiums continue to increase but the 63% increase we just received is the last straw. I regret the many years we have paid into this policy and am now going to have to let it lapse. I thought last year's increase was bad but this one is more than we will continue to pay. Genworth states that they won't seek an additional rate increase for at least 5 years from 5/13. I shudder to think how much the premium will increase in 4 years. I believe many policy holders will discontinue their policy which will make larger increases necessary in the future.
My husband and I signed up for premium long term care insurance through GE Financial Insurance in 2001. At that time, he was 55 and I was 49. We bought a premium policy which had an unlimited benefit period. The brochure which we received stated, and I quote "Careful and thorough underwriting enables us to provide clients like you, who qualify, with the best coverage possible at a stable premium rate." We were told if we began our policy while we were still relatively young, it would minimize the premiums.
Now Genworth Financial (formerly GE) is raising our premiums again. They are implementing a staged premium increase over the next three years which will bring our premiums to almost three times our initial premium from 2001. I did an analysis which would trend our projected yearly cost to approximately $9000/year by the time my husband reaches 80. Since we are both retired and living on a fairly small income, it would be impossible for us to maintain those premiums. We feel we were sold our policies with a specific set of benefits and told that the premiums would be stable. In my mind, 3 times the base rate is hardly stable.
Genworth's offer is for them to recast our policy with less benefits in order to "stabilize" our premiums. They are not offering any guarantee that our premiums will not increase again in the future or that we will not be forced to take even fewer benefits in order to maintain any long term care options downstream. They will not refund the premiums we have paid them. Our only option is to take less benefits or continue to pay the premiums at whatever increase they decide to implement. Currently we are waiting for their proposal options in order to make an informed decision but we are furious and frustrated with Genworth financial.
My mother purchased long-term care insurance in 1991 from a company that was subsequently acquired by Genworth Financial. She never missed a payment--she's now 88 years of age. Last week, she decided to move into a licensed assisted living facility that meets the criteria on her contract. When I contacted Genworth to open a claim, I was told to wait until 8 to 10 days before she would enter the facility to get the pre-claim process rolling. Today, when I called to open the "pre-claim," I was told that her policy is for "skilled nursing care" and not assisted living. I told them that I had the policy in front of me, and in 1991, it referred to "Nursing Home" and not skilled or assisted forms of facilities, and anyway, the place that she's moving into meets all the criteria.
I was told that someone would contact me within 4 business days to let me know if her application had been approved. In the meantime, my mother may lose her deposit on the room in the facility. I called the Director of the facility, and she told me she's heard stories like mine all too often. The long-term care insurance providers do anything they can to delay having to pay on policies, including "losing" claims. Furthermore, the facility has residents who are obtaining Genworth payments. I may be "jumping the gun," but if Genworth turns down my mother's request to open the claim, I will take legal action and file a complaint with the State Corporation Commission, Bureau of Insurance of the State of Virginia, where Genworth is headquartered. Stay tuned...
I just received my letter that there will be a 60% increase in premiums because costs are too high. Why won't my letter to Genworth stating my income is now too low for the premiums. Therefore they need to decrease my premiums. Let's face it. We're still in the worst economy since the Great Depression. Our wages have not increased but a percentage point or so each year.
We should Genworth the option to "forfeit" all our premiums as they really haven't kept their end of the agreement. Legally they should be held to their end of the agreement. A 60% increase in premiums is not something I was told when I signed up for this insurance. If I had been told this, I would never have bought it in the first place. I never got a cent from them and from what I've read, even if I was eligible for long term care, it's difficult to get them to pay anything. I guess I will have to go on Medicaid and have the US taxpayer pay for my care instead of the greedy Genworth Insurance Company.
Genworth Long Term Care Company Information
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