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.
Overall Satisfaction Rating
- 5 stars139
- 4 stars168
- 3 stars69
- 2 stars15
- 1 stars12
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I paid my premiums for my term life policy and just 11 days after pay them, I cancelled the policy and then received a letter from Genworth saying that there would not be a refund of my $630 premium... not even pro-rated for the 11 days.
My mother is 93 years old has had Genworth since July 2001. The cost had not gone up until last Fall when we were told it would go up in a 3-step process. Ten months ago she suffered a stroke and transferred into an assisted living facility from the hospital. She has since had two "reviews" and as per policy... after the first 100 days (of which the cost came out of her pocket) Genworth made 7 and 1/10th payments to the facility where she is staying. Then it was time for another review. Folks, you better read your policy AND fine print... Assume nothing! Last week we received a letter telling us that she is no longer eligible to receive their assistance. It does not matter that she cannot manage her own medicines, bathe herself, comb her own hair, has incontinence, obviously cannot cook her own food, gets confused as to what day it is and whether it is morning or evening, (I could go on but you get the picture).
All they are looking at is that she can dress herself (some assistance needed, but that is not a consideration), she doesn't wear a diaper, and she can put herself on the potty, and she can get food from her plate to her mouth unassisted. Yes, that disqualifies her from their service. I could never conscientiously recommend this company to anyone. No wonder insurance companies are wealthy and the public is insurance poor.
I totally agree with John of Port Saint Lucie, FL on July 14, 2016. I took this insurance out with AMEX in about 1996. I think and I'm sure at that time they told me it was good to take it out when I was only 60 because my premiums would never go up. Well now it's Genworth and the premiums are out of sight. I had to lower my length of service last year when they went over $600 every three months and now one year later they have again raised it to over $600 with the reduced service. I'm sure they are happy we paid money to them all these years but now as we are all getting older (those of us who took it out so long ago) they want to cut the amount of time they will be responsible for paying our benefits until it is so long it won't help us at all or force us to drop the insurance because we can't afford the premiums at all and they will have our money and we will have nothing.
This is not fair! I wouldn't have taken it out in the first place if they had not given me the impression that the rate would never go up from that point since I was planning ahead and not waiting until I was a lot older to start the policy. I don't know who has the power to check into this, if anyone does. With all the government bureaus we now have, isn't someone responsible for keeping these companies in line with their premiums? Ridiculous. I am retired and on a fixed income and this is a large percent of the stipend I get each month. I didn't know I would be on a fixed income since I worked for the Federal Government for 30 years and had a satisfactory retirement annuity but pretty soon my condo fee and insurance will eat it all up and I won't be able to eat at all. I'm not alone in being angry, as I can see from the reviews. They have our money--why do they need to care about us now? They just want more and more and give less and less.
Shame on Genworth for such an unreasonable rate increase on Long Term Health Care premiums. A 60% rate increase is unconscionable and an abuse of the public trust. What's worse is the approval of such an increase by New York State. Insurance companies continue to bag the big bucks with the help of the government while us hardworking citizens get the shaft. Class action, I'm in!
We paid for the insurance for years, but never used it. So all I have to comment on is their customer service (or lack thereof). When I got laid off, we couldn't afford it anymore, so I called to cancel. They said I could cancel mine over the phone, but I could not cancel on behalf of my wife (she would have to send a written request). I figured that makes sense, but just to be safe, we BOTH sent in a hand written cancellation request.
Next month, I got billed again. When I called to complain, they apologized, saying they had received the cancellation and would refund the payment. Not only did they not refund the payment, they still didn't cancel the policy. Then the next month when I called, they said it was because the written request didn't have a handwritten signature (something they never told me was needed). What makes this all more frustrating is that my original letter specifically requested them to let me know if anything else was needed to cancel the policy. If they had just done that, it all could have been cleared up 2 months ago.
We have had this long term care insurance for 10+ years now. We have recently had a raise in premium. At the time we purchased this insurance, we were told to purchase it as soon as possible because our rate/premium would be locked in and would not be raised. I am concerned that we are not paying a higher premium, especially at a time when we are on a fixed income and it is hard enough to pay the premium we have always paid, let alone any increases. There has definitely been misrepresentation, and should be investigated, and possibly a class-action lawsuit. We were told what a reputable company GE is and, of course, we know of GE, and that factored heavily into our purchase of the long term care insurance from GE. How disappointing!
My husband and I took out long term care policies with Genworth in 2010 when we were 60 years old. Genworth had been recommended to me by USAA, the company we use for all of our insurance needs. After researching several companies, I chose Genworth. Last week we received a letter telling us our rate would be increasing $150 a month! Now we will need to win the lottery. When I called, the representative said they had miscalculated the costs in the state of Texas but later admitted it was going on in other states, too. He also acknowledged that there was a possibility of a class action lawsuit. Count me in!
I purchased 2 LTC policies from Genworth in 2010 for my wife and I. We were misled and told the rates were consistent and would not be increased. Naturally, we were most surprised to see the increase and cannot afford the policy. Now we have to lose 6 years worth of premiums because this company miscalculated its business. This is not fair and hope to be part of a class action in the future. Buyer Beware!!!
My wife and I both bought AMEX long term care policies 20 years ago while we were both working for the Federal Government in DC. We have always paid our premiums on time for 20 years and also added some riders to our coverage. Never had a claim. My wife is now 76 and fell about 3 weeks ago cleaning our bathroom. The shutters covering the inside windows were over a large bathtub. We have a shower stall that we always use. Never use the tub. She fell leaning over the tub and fell against the inside of the tub. Broke her leg and dislocated her ankle.
Our Medicare and Federal Employees BC/BS cover the bills. But now that she needs a few items not cover by those insurance plans. I had a rider in my Genworth Policy that covered the items she needed. The doctor wasted time responding to our requests for a wheel chair and a shower seat. She can't get the cast wet and soon will be in a boot with a good bit of time to just sit in a borrowed Transport Chair, almost like a wheel chair, without the wheels on the side to move the chair.
I made a claim, first ever, to Genworth, and since these items were needed fast, they just sent out a nurse to ask her 26 pages of questions. That should have been used to determine what she needed, but they appeared to be trying to find out if she had Alzheimer's Disease. Stupid questions, nothing about her condition and what was needed. After 3 1/2 weeks waiting, it appears that the nurse was just trying to find an excuse to deny benefits. This was not for Long Term Care, just a rider in her policy for equipment needed in an emergency. Today is the first time that Genworth has contacted about what was needed. I was told to get either the doctor or a nurse to approve the items wanted. I know the Medicare paid nurse will approve what she needs, but why the long wait.
I know this company must be in bad financial condition, since it looked to me that they will do anything to keep from paying for items that are listed in the rider. That coverage is $3000 for items needed, but I didn't ask for 10% of that. This is a SCAM. I'm in for a CLASS ACTION SUIT, before we all get dumped. I checked their financial condition on ETRADE. Their stock is about $2.50 a share, and they just sold a term life insurance company they owned, if I read it correctly!
When I purchased my GE Long Term Care Policy, I was told they don't raise premiums on these policies. I looked at the history of the company and at that time, it was true. I was worried it was going to be like my Blue Cross health insurance policy which never failed to raise premiums every year and every birthday. However, not only has this former GE entity increased premiums over the past few years... It's gotten way out of control. With the latest 30% annual increase and the promise to do it again in the future, they appear to have gotten as out of control as their medical health insurance counterparts.
I am now being told that if I can no longer afford my new premium, which has more than doubled to $5000+/year, I can lower my daily benefit. Wow, this sounds so familiar and hits home so hard. Prior to going on Medicare, this perfectly healthy female was paying close $2000 per month for the privilege of having a $1750 deductible Blue Cross PPO. It was called PPO1500, but, when I turned 64, they raised my deductible and my premiums at the same time. Being healthy, I never met my deductible so it was money right into the hands of the insurance company. It was unbelievable. I am so grateful for my Medicare... Every single day.
The licensed insurance agent who sold me this insurance policy is now dead... But I have his communication saved + every piece of paper I have received or sent regarding this policy. When I purchased this GE insurance policy, I entered into a contract. For the specified amount of money I was to pay them, I would receive the correlating benefit I chose as my option for care. The whole point of this policy is peace of mind as I age or get debilitated They promised to care for me, at the level I chose, if and when I am unable to care for myself.
However, Genworth (GNW), is now its own corporate entity; similar to every other corporation on Wall Street. The corporations have turned their backs on us. Their primary objective is growing their bottom line while in turn returning profit to their investors, quarter over quarter. This fact in itself precludes their purported primary objective of providing a specific amount of long-term care to me, for the agreed-upon premium, specified, I pay for coverage. It was clear that if I did not pay this premium in a timely manner that coverage would cease. It was not clear that the premium would rise, based on their corporate greed. It was also not clear that they would disengage from one corporation in order to become another entity altogether. The only thing that remains consistent is my semi-annual bill in the mail.
GE knew the business it was entering into when they offered my contract for long term care. They have analysts that project into the future and map out their growth based on their products. Those of us who decided to proactively insure our illness and aging have invested much money toward this objective. What is it that Genworth wants or thinks we should do when we get too ill or too old to care for ourselves? Will we be treated like worthless entities, lined up in cots, waiting to die, in some large institution somewhere?
I’m also going to submit this horrific injustice to the more liberal consumer friendly Bernie Sanders, who can perhaps address it along with the healthcare debacle and social security threats he's attempting to make right. Watch out Genworth, we the people are coming for you! As we the boomers age, the corporations are going to attempt to take advantage of us more and more until they are stopped. I am going to try to stop them. I am going to lodge a formal complaint with my insurance commissioner in California and seek a law firm to file a class action lawsuit. This is now my Cause célèbre.
My wife and I both purchased policies in 2009. We were encouraged to purchase the policies as soon as possible to insure that our rates would be affordable and told that the premiums would not go up. Now, a mere seven years later, NY State has allowed Genworth 60% increases. This is a pure bait & switch that NY State should be protecting the consumers from. As a consumer I did everything I could to protect myself and my family. Now seven years later and $25K out of pocket I'm told I need to pay up more or cut my coverage. When is the insurance industry going to be held accountable and when is NYS Department of Insurance going to start to protect the taxpayers and policy holders of New York State? Please forward any information regarding a class action suit against Genworth.
With more than 27,000 invested in a policy with Genworth, my premium has almost doubled and I am now retired on a fixed income and cannot afford this increase... I was going to have to make a sacrifice to make the original premium, which I was TOLD would NEVER increase... Thanks for the lies and robbing me of my security!
My father didn't receive his May quarterly statement. He knows when the statements come for his life insurance policy that he has had since 1984!! He called and they stated he should receive it soon. Well he did... usually it's 244.87 per quarter. He received a premium notice - of $1200.00. REALLY... This is robbery!!! He's on a fixed income. He's ready for a class action lawsuit!! What can he do... What recourse should be taken here!! Anyone???
In 2014 all choices I had were for 4 years. I choose option 3. In 2015 the choices were not the same, they inserted 3 year options where the year before it was for 4 years. I just checked the box I had checked in 2014 on my 2015 option page. Did not realize it was for 3 years. Almost the same amt. of money so I checked that same box. This year my option paper came and it had only 3 yr. options on it. I called, the girl thought it was funny. I said "Oh I can go down in years but never back up" and she said yes. So now I am paying for a three year plan which was slightly lower from my four year plan by maybe 100 dollars. These insurance companies get you with their tricks by publishing their materials to look similar to what you are used to. That is all I have to say.
I have recently received the lamentable rate hikes and noted that many have called for a class action suit in their evaluations. No one seems to have brought such a suit and I would love to be apprised of the status of such a suit if there is one. I will sign it.
We have had their long term care insurance since 2001 with no increase in premiums until about 9 months ago. Now it increased again with a notice this month, May 2016. These increases have amounted to just under $700.00 a quarter. That means nearly $2800.00 a year. This is unbelievable, especially since we are now retired, on a fixed income and may need this coverage before long. How in the world can the insurance commission of every state allow this to happen? We have excellent coverage, one that they no longer write. It's apparent they are attempting to force us to reduce coverage by taking another policy and supposedly reduce our premiums but in fact will continue to raise the rate no matter what we do.
We have well over $60,000 invested in this insurance and feel we can't afford to drop it now but afraid it won't be long and we won't be able to afford it any longer. We feel a class action suit needs to happen against this company. Shame on them for attacking seniors like this, especially when these policies were written they knew full well we were all baby boomers, a lot of us, and the costs to cover needs would likely be great. Naturally one day it had to be paid out so plan for it. That's only Good Business Practice. If a Class Action suit is in the works or to be in the works count us in!!!
My mother thought she was covered, but this has been terrible. They only cover $100 per day. You have to pay home upfront then get reimbursed. They do not cover until your medicare runs out. Medicare cut her off at 71 days, she has glioblastoma, can barely walk due to issues from the prednisone. My mom worked and paid her taxes all her life, purchased a plan for just in case, feels ripped off by Genworth.
My wife and I have had Genworth LTC insurance for thirty years. Now that we are retired and on a fixed income, they have raised our premiums so high it's impossible to keep the insurance. They do not seem to care that we had their insurance for that many years and never missed a payment. There is no remorse from this company. It's not fair for us to just give up that many years and money down the drain. There should be some kind of consideration of payback.
If Genworth is actually granted permission to raise rates in California almost 96%, then all subscribers should be given the option to get out of the program with a complete refund of all premiums paid PLUS interest! I signed up for Long Term Care in 2001. I was told if I died before 65, all premiums would be refunded minus benefits. Well, Genworth is effectively killing off this program for most of us before we can use it and after we have been paying 15 years of premiums. Genworth should be FORCED to return all premiums paid plus interest, given their usurious policies. What a hoax this has turned out to be!
After seven years with Genworth, we have been hit this year with a 60% rate increase. I have been looking for a way to bring a class action suit against this company. My husband and I simply cannot afford to pay the new rates, but we are in our seventies and are likely to need the coverage. Through research I have uncovered the shady financial practices at Genworth. What is in the news now is the securities lawsuit, but in 2009 a lawsuit was brought against them for the alleged transfer of assets out of its long-term care reserves (the plaintiff lost). Had those assets remained in place, the argument went, they would have generated enough funds to cover the future costs of Genworth's LTC clients. I called the New York State Insurance Department and their lawyer explained that the rate increase was approved by the state. Some consumer protection agency!
My husband and I have had LTCI with Genworth, formerly GE since July 2000. At the time, the agent did say that the premiums would probably not increase. They did increase 3 years ago, but at an understandable rate. The increase this year was at a whopping 63%. Both Genworth's and NYS Dept of Insurance actions are deplorable. Both my husband and I are on a fixed income and we are not sure how we can afford such a rate increase and are also unsure of what we are to do about it. We are open to join a class action suit, if one exists.
We have had Genworth for 10 years. Unfortunately, we now have to use it & all of a sudden we get a letter telling us what the increases are or how to lower them by dropping some of the coverages. Where is the Insurance Dept.? How do they allow a 60% increase. I agree with another complaint... This should go back to the shareholders & management of Genworth. We should not be penalized for their errors. Class action suit is definitely what we have to do.
My wife and I have had Genworth LTC insurance since 2001. We have just been informed of a 25 percent increase in premium, the third increase in the past four years -- a total of 52 percent. I am in my 80's, my wife in her 70's and we are in fixed income. We will have to cut costs of food or medicine or otherwise lower our standard of living. We can't afford to drop it because in the next few years, we may really need it. Genworth offers a solution to reduce our coverage while maintaining the current price. We can't afford that either as when we bought, we purchased the maximum amount that would fit our budget. What are we to do?
My mother just received notice that her long-term care insurance premium is going up 54%. From roughly $9,500 to roughly $14,500 a year. She has had this policy for many years. A sudden increase of this magnitude is an outrage. I'm finding nothing on the NYS Department of Financial Services Department website about this yet.
Genworth is trying to "isolate" the Long Term Care part of their business from their other insurance products. I believe the ultimate goal of their strategy is to isolate the LTC business with the assistance of the State Regulatory Commissions so that they can make this business "insolvent" which will force the policies to be administered by various states' "Life and Health Insurance Guaranty Associations." Usually the maximum amount of this coverage would only be $300,000 and you would still have to pay the premiums. Between 2009 and 2014 Genworth claims to have lost over $2 billion and have requested rate increases ranging from 33 to 130 percent.
In 2013 they increased our premiums by 44% and 60%. I read from others in New York state that they are getting 60% increases. I think my wife and I are going to cut our losses and not pay any more premiums after had paid $44,000 for the past 13 years. PLEASE WRITE TO YOUR RESPECTIVE GOVERNORS AND STATE INSURANCE COMMISSIONERS WITH YOUR CONCERNS.
When I opened my premium this month, absolute shock after paying all these years, and knowing how many more years I have to pay, to see this HUGE premium increase. I simply cannot afford to keep an annual premium this size. It's been tough to keep up the premium annually as it is, and I feel like all the years I have paid in have been money flushed down the drain.
I have Genworth a long time (used to be part of General Electric). At time of long-term care purchase, I was told rates would NEVER go up. Well, up, up, up they go. Sure, I have the option to reduce my premiums by reducing my coverage, but DUH - why would I do that. Better to drop the policy. NJ Insurance Commission allows them to up their rates; they are just as guilty when they know that many seniors are on a fixed income. Wonder if they get a kickback in licensing fees! Hmmm. To those of you that gave Genworth more than 3 stars, it seems you've never used the policy and are commenting on customer service, etc. Well - wait until you're paying thru the wazoo like the rest of us!
I have the insurance since 12/2002. I have spoken to the company once or twice in that time and all my questions were answered immediately. I have a dollar amount of coverage. When the dollar amount of coverage is used then coverage ends. I could use the coverage amount while at home, by having someone come to my home to care for me. However, if I need a medical facility I would be covered for that up to my dollar amount. I believe the value is good. Since I no longer have to pay yearly premiums my coverage is limited. The coverage I have is my choice and I will still receive medical type benefits. I declined to continue to pay the premium because of the cost but I did not lost the premiums I paid. I will have that money to pay future benefits.
The 60% increase in Long Term Insurance should be absorbed by the stockholders because this was caused by a company error. Customers are NOT held accountable in any business failures due to company mismanagement. I suspect the agents we told to write as many policies as possible just for the revenue. Now the Ponzi pot is drying up! LET'S GET THIS CLASS ACTION LAWSUIT GOING!!!
They have a simple billing and payment process. Policy is clearly explained. I have no need to use customer service. I just pay a bill annually. There are a number of options, each clearly explained. Comparisons were made (at the time of purchase) to current rates. Projections of possible costs and scenarios were clearly laid out. I opted for complete coverage, with an initial period of 3 months self-pay before coverage kicks in. It was the costliest option but it's what my husband wanted because of health issues he had seen his father go through. It seemed very expensive at the time that we signed up but was comparable to other plans and had the best ratings. So far, the rates have not changed while the rates of other companies have changed.
Genworth Long Term Care Company Information
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- 6620 W Broad St
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- United States
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