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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.
My parents purchased LTC insurance for my Mom 13 years ago. They have never filed a claim. Now they just got a notice that the premium is going up 39%. It is also very confusing that it says they "will not seek an additional rate increase on policy for at least 5 years from 05/02/2013". What am I missing... Wouldn't that be 3 years since we are already 2 years into that statement, or should they not be raising it until 2018, since that is 5 years from said date? So now what... Do you pay the 39% or drop the policy and let 13 years of payments go down the drain. It is very hard to deal with that kind of increase while on a fixed income.
They certainly aren't getting 39% increases in medicare and social security, and interest on their small pension and bank accounts is basically nonexistent. I realize that LTC is very expensive, but it seems that they are trying to price people out before they can use that policy. Wouldn't it make more sense to raise the rates for new customers? I suppose that would limit the number of people that would sign up. But if everyone drops their policies, Genworth won't make money either.
Genworth called back three days after I made my first claim call. But no one was on the line. "Hello? Hello?" My mute button wasn't on. I had received calls all morning. Genworth called back a second time. Same thing. No one on the line. So I called Genworth back. After a six minute hold, "Sorry no one is available to take your call. What number can we call you back." Total scam against existing customers who have paid THOUSANDS into policies and now when it's time to pay up, SILENCE.
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Actually, it's pretty ingenious. You sell long term health care to people who don't want to be a financial burden on their children. You don't require a secondary contact or anything of the sort. Then, when the senior either can't afford the new rates, or worse (in our case) they lapse on their insurance because dementia has set in, then the money they have sent in is lost. We called and were told "we are not required to insist on a secondary contact", and when I finally took over managing my mother's accounts (as we could no longer ignore the quirks, which she was very good at hiding), I found out she had long term care, paid thousands of dollars in premiums, lapsed on payments, and a year later, when I finally took over, it was too late to restore the insurance. Simply incredible.
I applied for a Genworth Joint LT care policy right before their stock crashed and was denied coverage but Genworth kept my wife's premium. I've written letters to no avail. All I want is our premium back but I guess their cash reserves are too important.
I sold this policy when it was under the guise of General Electric some ten years ago. At that time we were told that the premium would never go up, that we were to pressure our customers by telling them to buy now before there was a change in their health. Needless, GE lost money with the policy and spun it off to Genworth. IF it hadn't been stressed that the premium wouldn't go up then I wouldn't be mad. Yes, the policy might say it would rise for everyone if it happened yet it wasn't really meant to be highlighted in conversations with customers. I'm sure if GE can deceive customers like they had us do selling this policy, then they aren't afraid to deceive customers in other ways.
G.E. L.T.C. was totally misrepresented when I bought it. It was the best most affordable at the time compared to the competition. It touted superior coverage and a low or no rate increase history. None of that has proven to be true. Recently I was informed that there will be a 78% increase in premiums over the next three years. This on the heels of previous premium increases. I have owned L.T.C. For 14 years. My premiums for my wife and myself have tripled over the past 14 years to an unaffordable level. I believe that G.E. has adopted a pricing policy that will drive out older less able to pay policy holders for the profitable benefits of insuring younger policy holders who may be years away from claiming L.T.C. benefits.
In my opinion G.E. will repeat the process over again as their younger policy holders grow older and are less able to sustain the premium increases. The various state departments of insurance consist of capitalists lobbied by the likes of G.E. to allow premium increases which are unaffordable to aging senior policy holders. G.E. L.T.C. is not about L.T.C. It is about the profitability of the corporation and the stock holders, the policy holders be damned.
Tell me how to initiate a class action suit on behalf of the G.E. L..T.C. policy holders or how I can join the L.T.C. Suit and what law firm is filing the suite. G.E. L.T.C. is vulnerable. Without policy holders G.E. L.T.C. is a mere nothing. When the policy holders band together we can break the backs of the fat cats. Right now they are raping us. Please do not look to the state insurance departments to apply fair and equitable premium pricing policies. They are in bed with G.E. How else would you get a 78% premium increase approved? Powerful corporations, run by powerful people exercising their influence on the state agencies. Follow the money!! How can I help? As a group we can beat them. G.E. L.T.C. employees have their fat cushy jobs because of us, their policy holders.
Dr. William **, who incidentally was featured in Genworth's 2007 Annual Report, died on July 31, 2014 of cancer. In between his 3 rounds chemo treatments (which were each 5 days of intensive inpatient chemo) he contacted Genworth about getting someone to come to his apartment to assist him with everyday duties. The person on the phone was curt and the qualifying question was "CAN YOU DRESS YOURSELF?" When he answered "yes" to this question, that was basically the end of the conversation. As long as he could dress himself he did not qualify for long term care. I was infuriated that he would accept that for an answer and not insist go any further. Living alone in an apartment in Center City Philadelphia he had no one nearby to assist him on a daily basis and certainly any emergency would require 911 intervention, but that was not a consideration in Genworth's decision. Anyone thinking about Genworth - THINK AGAIN and ASK QUESTIONS BEFORE SIGNING ANYTHING.
In March 2014 I naively filled out a "request for information" for Genworth LTC. Two months later I received a call (I had forgotten I had even done this) from an agent 90+ miles away telling me how much I needed this policy and that the one I really wanted was ending so I had better hurry. From that moment on it was a series of unwanted and rambling calls telling me to fax forms & medical information to an incorrect number she gave me. My wife was declined followed by another set of calls saying she could fix his and get her covered. So another series of unnecessary doctor's visits (to correct weight information?? the nurse for the required insurance exam had no scale) and after jumping through all those hoops we received a denial to the appeal dated days before we sent all of the medical files; they couldn't have even read it.
And then she called again wanting us to do more visits (she told my wife to put rocks in her pockets to make sure her weight was enough) and asking for more and more information. This has been an ordeal from start to finish and she acted like I was working for her, she did not respect my privacy (calling me repeatedly at work with a list of things to do... immediately) and behaved unprofessionally on the phone screaming at her grandchild while we were trying to complete a conversation. I decided I want no part of her, and if she represented Genworth I want no part of them either. I also found it impossible to find a regional manager to complain to. Genworth lists no names anywhere on their site... just a generic 800 number. We considered it a blessing in disguise that we did not get covered.
My mom passed away almost 2 years ago. She managed the bills, and now we've stepped in to help our father. I called Genworth a year ago to try and understand the bill he got. Though I didn't fully understand it, I thought it must make sense somehow and he paid that bill and subsequent bills. Now he gets a GRACE NOTICE he must pay by 16 Nov 14 or lose the money he's put into it. I called twice today trying to understand how they do the billing. The second time I asked them to pretend I don't know how this works. I had some very precise questions to ask and could not get a straight answer. For instance, I asked IF he pays the GRACE NOTICE AMT of $650, then pay Jan, May, Sept when he gets his quarterly statement for $300.00 ($200 LESS than the amount he should be paying?) when will he get the bill for the difference, that being the GRACE NOTICE? Without skipping a beat she said "He won't get a notice." "What??" I asked again and she thought her answer made sense. I'm so confused. At the time I was thinking that she doesn't seem to care if he keeps the policy and is in fact encouraging him to not pay the policy. So many time she said "the policy will go up".
I applied for Long Term Care Insurance with Genworth. I am a Licensed Chemical Dependency Professional who has been sober for 23 years. I have been on medications for depression and am stable on medications. Genworth not only turned me down because of my history of 23 years ago, they sent me a letter after turning me down saying I had been accepted. They are bloodless bean counters who use formulas that have no relevance to the individual applying for their insurance. Avoid them at all costs.
2013 a Genworth rep. contacted me through AARP, no pressure until the end. I didn't sign up with them, as I'm single, have no children or am with anyone. I can't designate a beneficiary, proceeds would go to Genworth. 3-yr. policy stipulated at start of use, it had to be used up within that 3-yr. period, if not all proceeds would revert back to Genworth, and I would have to start all over again. The rep. told me if a person saved $3,500.00 a year on their own, it would cover most costs associated with LTC. There is a class action suit against Genworth through **, also they are no longer affiliated with AARP.
I was helping a neighbor with his claim. I found that their service and Care Coordination worker were exceptional. My neighbor has Parkinsons and no children. He had to pay initial costs for his care but now is getting reimbursement monthly. Without this coverage and the oversight of his coordinator he would not be able to stay at home.
Have tried since June 2012 to get long care insurance with Genworth. After three months of waiting I get a letter saying I am not entitled to coverage because of elevated blood levels. The only medication I take is for high blood pressure. I had just had lab work with my doctor and he said my CBC was in the normal range. Genworth has not provided me with any test results. After reading all of these reviews, I honestly believe this company is a scam. Why did it take them three months to deny me coverage?
My 88-year-old mother has been paying Genworth Insurance long term care premiums for over 15 years and they continue to raise her costs. The most recent premium increase is 63%. It appears obvious that they are trying to drive her to drop the policy before as she ages and is more likely to have a claim. This is really a sleazy company and should be investigated by insurance regulators.
We have paid premiums for 14 years for long term care insurance with 11% increase in 2009 and 18% in 2011, now 55% increase. We have sent inquiry on complaint form to Texas Department of Insurance for Genworth's justification for increasing premiums this much and to find out how likely further large increases are. We were told when we got the policy that increases would be class wide, but do not understand how the GE actuaries could have been so far off. Is it possible that GE could have been optimistic in order to get more policies sold and then premiums had to be greatly increased, and/or did Genworth mismanage investments so that higher premiums result?
I've read, with interest, others who feel the same as I do. I purchased a long-term policy when it was sold by GE. I've paid premiums on time. I lowered my coverage when they increased the premium in 2013. This year's increase brings the premium back to what I would have had to pay in 2013 if I hadn't lowered coverage. The premium will, in effect, almost double the 2013 premium by 2016. I would like to be informed if there is a class-action lawsuit being considered.
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.
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.
Genworth Long Term Care Company Information
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