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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.
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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.
During the sales pitch to sell me long term card, I was repeatedly told, and he circled it in the sales catalog, that GE knew how to price its policies and had not raised the prices of insured persons since its inception in 1974. My policy cost was $4,825.08 per year. This yea,r they raised my policy to $6,442.20 a raise of 33.5%. My maximunm daily payment if I need care is $130.00. That means each year, at the present rate, I am paying for 50 days of care. So far on my policy I have paid $62,726.00 which is equal to 482 days of payout. Inflation does not justify this cost increase. I am going to the state of Texas with this complaint and see if they can resolve it.
I have been fighting for benefits for my mother who is almost 92 years old. She needs daily care, but doesn't qualify according to Genworth. The fact that she can't walk, doesn't matter in her policy. The fact that she needs help to prepare her meals, is not in her policy. Genworth was happy to collect premiums for 18 years, and now makes it impossible to collect anything. And... she must keep paying her premium. I am furious with this company and would tell everyone to cancel their policy. They think they will get help when they need it... forget it. Genworth will do everything not to pay.
Yes, I believe that back in the 1990s when policy was initially offered thru GE, the info was very much slanted to NO FUTURE rate revisions, only periodic increases to keep up with inflation on daily coverage amounts, etc. Enrollment and paying the premiums was supposed to lock us in on the coverage morsel that was offered. Class Action would very much be an option I support. I am not protesting any of the other features of the plans, only the Fall of 2013 determination to apply a whole new rate schedule, "experience based".
The actuaries were very competent back at time policy was written, check the corporate legal due diligence documents and court filings associated with divestiture, GE spinning this group off, and GE later never identifying that GE Financial was incapable of actuarial accuracy on Insurance. No actuarial schedule is ever perfect. That's where management has to have other strategies reserve decisions, to achieve investment results, reserve adjustments, etc., disappointing claims experience (or forecasts) isn't adequate cause. State Insurance people were given a slanted version. Class action should look at evidence that disproves the actuarial issue. I am pretty sure that if actuaries were inept that data would not only be accessible in court action, but also would have to be evident in the various legal topics that are filed in corporate mergers and reorganizations. So, Yes, class action would be viable.
A representative from Genworth came to my house and explained the different priced plans her company had to offer. A few days after she left, I got a bill from Genworth for $5,080.50! It was my understanding that I had not picked a plan or even signed up for the insurance. Apparently their representative had sat in my house and lied to me. I am so angry at being tricked this way. I wrote a letter to Genworth HQ telling them to cancel any policy she had signed me up for and never contact me again. I believe this company uses dishonest tactics to get people's money.
We took out a LTC plan from GE about 15 years ago. The plan was later sold to GENWORTH. It was then that things started going downhill - premium increases. The last one in 2010 was 13%. I saw the handwriting on the wall when we next received an 18% increase. A letter from GENWORTH said that we could reduce our coverage or terminate and they keep all of our premiums (many thousands of dollars) for future payments for care. You have to be in a nursing home or in homecare for 51 days before payments start. Perhaps you will die in that period and they can keep all of your payments. I called the state insurance department only to learn that if they need a premium increase, they only have to ask. So now GENWORTH has all of my premiums which I will probably never get to use. I think that this is an ingenious plan to make tons of money. Why, oh why, didn't I think of this years ago?
I have had an LTC policy with Genworth since 1997. They raised the rate significantly about 3 years ago and now want a 95% rate increase. Even with that the inflation protection they provided has not kept up with the increase in the daily rate for care. I would be glad to join in a class action suit against them. They are attempting to get everyone to reduce the length of their coverage.
Please contact me if anyone can start a class action suit against this company so I can be included in it. I have been paying my premiums for many years and now, like others, have this tremendous cost increase which is unfair to me, my wife and all the elderly. I can no longer afford it! I was told that I do not have to worry about a premium increase .
After having the LTC insurance for 13 years, and "surprisingly" a year after retirement, I received a letter from Genworth on 9-13-2013 stating in it that the premium would increase 10% and that there will likely be future increases. The letter also stated that "The Massachusetts Department of Insurance has requested that we inform you that your policy would require a 139% premium increase for us to certify that no future rate increase would be anticipated under moderately adverse experience. However, because the approved rate increase is substantially below what is required, it is likely that we will be requesting additional rate increases and your premiums will likely increase again in the future in accordance with the terms of the contract."
And they even have the audacity to state that "Premiums are not increasing due to a change in your age or health".
I am 71 years old. Worked until I was 70. Hope to be 72 on October 15. I have paid into Genworth $48,403.68 over the past 13 years based on $310.28 monthly premium and have had no claim. If Genworth did nothing else but invest the money into an account paying only 4% interest, my money would be worth $61,904.58 today, and if in a 5% account it would be worth $65, 951.58 today. And we all know that Insurers a wise investors. Now multiply that by the hundreds of thousand of policy holders. Just say 100,000 who have made no claims and Genworth has pocketed $6,595,158,000.00. Yes, that is BILLION...
They are exploiting the insured and elderly and using the various State Insurance Departments/Commissions to implement that exploitation. A class action lawsuit is in order.
We purchased the Shared Care Benefit LTC insurance from GE Capital Assurance Co. on November 6, 1998 when I was 61 and my wife 58. Later on, GE sold the certificate to Genworth Life Insurance Co. When we purchased the certificate, the annual premium was $2,177 for both of us, with a Daily Maximum Benefit of $150, and a Shared Personal Benefit of $219,000 over 4 years (Benefit Multiplier). In 2008 Genworth increased the premium by 11%, in 2011 by 18%, and will increase it again on 11/6/2013 by 63%. The new increase will be spread over a 3-year period, or 21% annually until 2015. As it can be seen, the total premium increases from 2008 to 2015 would total 93% in just 7 years. Based on the 63% increase, we will have to pay $2,645 on 11/06/13, $3,104 on 11/06/14, and $3,563 on 11/06/15. These premiums are unsustainable for most of elderly people. Genworth stated that additional premium increases may be requested after 1/1/2018.
Since we were unable to pay the higher premiums, we had to reduce the amount of daily benefits in order to keep the premiums at, or about the original level. As a result, our benefits were reduced in 2008 from a Daily Max of $225 and a Shared Maximum Benefit of $328,500 (for 4 years), to $166 and $242,360 today, a reduction of 26.2 %. This benefit reduction was implemented in spite of paying 15 years of premium payments, and the annual addition of the 5% inflation protection included in the certificate.
Genworth stated that the increase of 63% is primarily based upon the fact that the expected claims over the life of this certificate are significantly higher today than what we anticipated when the certificate form was priced, and that the premium increase is in accordance with the laws and regulations of the state in which the master policy for your certificate was issued. If Genworth made a mistake when they determined the original premiums, then they should pay for their mistake - not us. However, since the certificate pays a fixed dollar amount for a claim - regardless of increased charges by care facilities, there is no justification for any premium increase. Furthermore, we feel that Genworth wants to squeeze out the elderly certificate holders by outrageously increasing their premiums.
Today, I am 77 and my wife is 74. Genworth decided to increase the premiums when we are retired and can do nothing except either reduce the benefits up to unrealistically low amounts, cancel the insurance and lose all money we have paid during the last 15 years, or select the non-forfeiture option which in our case is about $32,600, a useless amount for long term care. Thousands of other elderly certificate holders are in the same situation, and today we deeply regret we have purchased this insurance.
Genworth is simply robbing with impunity thousands of elderly. which is unethical and immoral. We can't understand how insurance regulators approved to do this to elderly class group. Why the Division of Insurance has not taken actions to prevent it? Where is the government oversight? Shame on Genworth to prey on elderly customers! Regulators should request Genworth to cancel their decision of continuously increasing the premiums for people of our age who purchased their certificates many years ago believing that they would have help when needed.
My wife and I were most dissatisfied with the large rate increase from Genworth last month. Their reasoning for the increase indicated corporate inexperience and/or gross lack of knowledge in the business of long term health insurance. We have had our policies for approximately 12 years. The choices left to the policy holder regarding this increase is to either pay the full premium including the increase, reduce the premium by reducing the benefits or term of the policy or "walk"!!! My wife has Stage 4 ovarian cancer and we will need home health care immediately. Being 75 years old, I don't look forward to making the initial phone call to Genworth on Monday to begin the process of arranging home health care.
Our rates for my wife and I were just increased a total of 25%. Interestingly her rates went up over 30% and mine by just about 15%. They should not have been raised at all. We were told in "NO UNCERTAIN TERMS" by our former agent of record when we bought the policies that our rates would "NEVER INCREASE". And, here we are 12 years later with rates increasing. Tell me…. why would my wife's rates go up higher than mine? She is younger; is a non-smoker (having quit three years ago) and is not obese like most of America. She had one medical event about 9 years ago; nothing since. I have no issues, am older than her, am not obese and am a non-smoker. I have no health issues. What is the basis for all of this?
THIS IS A CALL TO ACTION. I think there should be a class action (tort action) lawsuit against these people..... The main reasons why we bought 12 years ago or so was because of the great coverage, the fixed premium, and the increasing benefit. It appears to me that this company is targeting the elderly (we are both in our mid 60s) to drive us out of this insurance. I am going to seek out an attorney here in Arizona and present he or she with this information to see if something can be done on our behalf. Feel free to comment or send your experience through this website.
Recently, my mother received notice from Genworth that they will be increasing her premium by 60%. This increase will be over the next two years. In addition, they have the audacity to indicate that in 2018, they will again increase premiums. I read over the letter they sent and it had the tone of take it or leave it. They indicated that the increase was not based on her age, health, claim history or any other individual characteristics. It is also not based on current economic environment. I called the agent of record for this and he also was served with an increase. He also shared he had an extensive list of people who also received notice of an increase that ranged from 60 to 73%.
When I called Genworth to ask what the basis of their increase was, I was informed that the premiums that were projected for the time period that my Mom signed with the company (16 years ago) were not correct. They were paying out more than expected and were now making a correction. This correction, in my opinion, is a penalty put on people like my mother for Genworth's poor business actions at the time. Insurance companies have to take risks all the time, and, believe me, the premiums more than cover for those risks, but at some point you have to take ownership of what you did, own it and do the right thing. Penalizing people who in most cases are not going to be able to maintain their insurance at the cost it has been risen to is not good business. I am sure that in the majority of cases, most people are going to have to stop paying their insurance and just utilize the money they put into it, or just pay the premium they were paying with a decrease in benefits. This, I am sure, is what Genworth is banking on. Way to go Genworth!!!
I have had this lifetime provision Long Term Care Policy From Genworth for a long time now, and have been faithful to pay premiums, and premium increases along the way. But , today I received notice that my premium was going to be increased by 78% this coming October. My premium is going up from $179.19 per month to $318.94. It's obvious to me the company is in serious trouble, and possible would not be able to pay their claims anyway. I have the choice to go down from lifetime coverage to five year coverage, and then will still have a 25% rate increase. No promise about future premium increases, but suspect there will be more increases each year. DO NOT BUY LONG TIME CARE FROM THIS COMPANY! Genworth Long Term Care business ethics are rotten to the core, and need to be investigated!
After paying hefty and ever increasing premiums these past 15 years, I found it necessary to make claims to my LTC policy. I am 79 yrs old and, since my surgery for cancer of the larynx, have needed home assistance, being frail and debilitated from radiation and chemo and, suffering from COPD, needing oxygen. Okay, I finally "got into the loop" and am reimbursed for the wages I pay my housekeeper /cook/aide/driver for the 24-30 hrs. a month she comes in. My primary complaint would be the "hoops" that Genworth has me jumping through. I have to keep detailed worksheets to have my worker sign and date. I have to pay by check and submit bank statements showing they were processed. My worker gets called and queried. It would seem they would much prefer to provide one of their contracted care providers rather than allow me to select my own help; then making it as inconvenient as possible if I elect to do it "my way". I really feel imposed upon.
I just retired this year...seems that Genworth has perfect timing. I just received notice of a 60% rate increase. It is quite clear they have expectations many customers will withdraw as they offer options...all quite unsatisfactory, to take far less than what their reps indicate you will receive when one buys their "top rated" program. Buyer beware, nothing is ever a good as you might think. I am very disillusioned by long term care insurance. Thousands paid in and very little in return.
I contacted Genworth and they stated that their letter of July 3, 2013 was to raise my annual rates another 60% per year! They have already doubled since I bought the policy 12 years ago. At 66, I can no longer get this insurance, and it is NO LONGER affordable. They are scamming their clients - since they sold the policy based on never raising the rates more than 5% per annum.
I called the legislative body in Lansing, Dept. of Insurance and Financial Affairs, the governing body that gave Genworth the right to raise our rates based on "expected future costs". I tried to talk to the Director (KEVIN CLINTON) who would not accept my call, nor will he call you. I spoke to a supervisor, Renee **, who informed me that according to Michigan statutes, they allow insurance companies to raise rates - they just don't govern how much - how great? Another state agency that doesn't protect the constituents who pay their wages!!
We should get a class action suit against Genworth AND the State of Michigan Dept. of Insurance and Financial Affairs - allowing such lunacy against the people.
Here is my email to Thomas J. McInerney of Genworth Financial Long Term Insurance Division on July 23, 2013: First a little background to refresh your memory and for those I am copying. I purchased a Long Term Care Policy from your Parent Company General Electric in April 2002 when I was 50 years old. As Dave Ramsey and other Financial Advisors tell their listeners buy it young when the premiums are low. You informed me in April 2013 (now that I am 61 and on disability) that you were increasing my premiums by 44%, because basically you were not making enough profit. You also informed me that you would (not?) increase my policy again for 5 years, when I'm 66 and closer to the age where I may need this insurance. Due to this notice I filed a complaint with the State of Michigan Department of Regulatory Affairs and received this response from Amy **, an Analyst for the Department of Insurance and Financial Services for the State of Michigan, informing me that prior to June 1, 2007 the State of Michigan had a law on its books (MCL 500.3927) basically stating that you were guaranteed the right to increase premiums anytime your loss ratio exceeded 60%. Or as us premium payers would say a 40% profit margin. She did go on to state that new policies written after that date are subject to Michigan's rate stabilization statue (MCL 500.3926), which requires insurers to be more accurate in the initial pricing of their policies.
For everyone being copied it should be pointed out that Mr. McInerney was hired as Genworth's President in January 2013. This may provide some insight as to why a well-known and respected company would all of a sudden start to treat their existing customers this way. Now, Gail **, Director of Consumer Affairs at Genworth Life Insurance Company in her response to Amy **, provided the following response (page 16 of 66) as to why Genworth was raising the Long Term Care Insurance rates: "Our decision to increase premiums is primarily based upon the fact that the expected claims over the life of your policy are significantly higher today than we originally anticipated when your policy was priced." Please note the increase suffered by me and all the other policy holders is based on an anticipated increase in claims not realized losses as Gail ** tried to lead me and the Ms. ** into believing. Now nowhere in the entire 66 page response that Ms. ** provided Ms. ** does it provide any factual information as to how many claims have been filed within my class or how much this is costing Genworth. Now it should be noted that Genworth has graciously offered to reduce my benefits to reduce my premium, sort of like paying for a Cadillac and being handed the keys to an Aveo. I have respectfully asked for a refund of my premiums, as I will not do business with a company that can't be trusted.
Not a rumor! Got a letter yesterday that my premiums would increase 63%! What is a senior to do? When I purchased my policy 15 years ago, the premium for what I considered excellent coverage was under $2000. Since then, rate increases have forced me to go to monthly premiums and reduce that coverage to an affordable level. Now it is going to about $5000 by 2015. The rate increase may be 63% over my current premium, but $5000 is 2-1/2 times more than my original premium! They promise to hold the rate until 1/1/2018. What then? $7000, $8000, $10,000 annually? Where are the insurance regulators? Where is AARP?
My dad bought a policy from GE Capital several years ago for my mom. Genworth Financial Life Insurance bought it. When we needed home health care for my mom, they were very good. When I had called them letting them know my mom was going into a nursing home, they told me they pay $100.00 a day. We got the approval for the nursing home from Genworth. There was $150.00 that Medicare does not pay a day for nursing homes. We paid the nursing home $150.00 a day that was not covered. Genworth was supposed to reimburse us $100.00 a day. Which came up to over $8,000. They refuse to pay us one cent. In their contract, it states they will pay what Medicare doesn't pay up to $100.00 a day. They are not honoring their contract. I don't understand why. They are saying it is a duplicate payment. We did not get reimbursed for the $8,000 we paid out. Why are they lying and cheating us out of the money that we are entitled to. Can anybody tell we what I should do. I can't believe they refuse to pay anything. How do companies like Genworth get away with cheating us consumers. Especially the senior citizens like my dad that believed in this product.
After paying premiums for many years, when I reached 80, they increased the cost. I believe they are trying to get me to drop the insurance after collecting my money all these years. I would think real hard before buying long term insurance from this company.
I recently received a letter re an upcoming 25% rate increase. This seems completely excessive. My wife and I, ages 80 and 79, have had the insurance since 2001, with no claims. Is this a standard increase? I've seen several increases in the 10-15% range. I wonder how many other people with this company have received increases of this magnitude with no justification.
My mother, now 91 years old, had paid into an LTC policy with Genworth FOR 25 LONG YEARS!!! What an absolutely and very disappointing experience we have had with Genworth trying to get reimbursed for a home health aide. My mother has been very intellectual all her life and now she is at the point where she needs someone with her almost all the time. She is quite forgetful, incontinent, discombobulated with most everything that used to be second nature, needs help with bathing, meal preparation, and a fall risk. When dealing with Genworth, it's like she has to have 79 hairs in her nose and not 78 - an extremely frustrating and angry experience!! My mother has approx $200,000 of benefits to spend for her LTC but Genworth, of course, is going to make it very difficult for you to use YOUR money!!! Beware and look elsewhere, HORRIBLE EXPERIENCE!!!!!
After paying our LT Care Insurance for 12 years at a cost of approximately $50,000, Genworth decided that the product class, premium class (privilege care select 2 is what I am told we have) were a very high risk category (now that we are 12 years older). This year, Genworth increased our yearly premium by 25%. This increase is excessive and unreasonable!!! I talked to Gale **, Supervisor for Genworth Consumer Affairs (1-800-267-1383). She would not tell me how many in Florida have received a rate increase and also wouldn't tell me how many in our Product class have received a rate increase. Ms. ** informed me that they didn't realize when they issued this policy 10 years ago that the insured would keep their policies and that costs would go up for health care.
The thought that Genworth was counting on people dropping their insurance and didn't think costs would increase is very strange. Now they need to get rid of the Product they sold us, because it's the best product they sold. The only way to do that is to increase the premium on elderly policy holders that are ready to use their insurance or reduce the benefits. Please tell me how the Department of Insurance (that is supposed to protect us against this sort of thing) let this happen. Yes, we've read the recent letter of Genworth outlining the Insurance rights, obligation, and what they must do to prove a need for the rate increase. What kind of proof could they have????? Not knowing costs could go up is not a good reason!!!!! They are selling insurance for God's sake.
It seems we only have 3 options: pay the increased premium, reduce the premium by giving up less years of coverage and also going to simple plan instead of our compounded daily rate... or give up the policy. None of these options are desirable or fair. The original amount for the 2 policies was $3,939.60. We received a premium increase in 2010 of 11% in the amount of $4,372.95. This increase in 2013 will be 25% in the amount of $5,466.19. It appears we will have a rate increase every year. We were told when we purchased this product that GE hadn't ever had a rate increase. Would it preferable for us to drop our insurance and be a ward of the state (Medicare)???? We would like to know how many people have the Product we have and how many premiums have been increased.
Genworth Long Term Care Company Information
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- 6620 W Broad St
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- United States
- (888) 436-9678