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Genworth Long Term Care Insurance Online Reviews

Company Name: Genworth
Company Type: Public
Year Founded: 1871
Address: 6620 W Broad St
City: Richmond
State/Province: VA
Postal Code: 23230
Country: United States
Phone: (888) 436-9678
Website: www.genworth.com
1.3 
Overall average rating of 1.3 out of 5, and the percentage of positive recommendations 3 %
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.
My husband and I have had a shared LTC Insurance policy with Genworth for over nine years now with no increase in the original premium. I have Genworth literature which states: "Our goal has been to price our long term care insurance policies so that premiums will remain at the original l levels for the duration of the policies." The NAIC Long Term Care Insurance Model Regulation, which was effective when we purchased our policy and still is in effect, was supposed to have actuary certifications showing that the policy was priced appropriately even with a cushion. We received a letter this week from Genworth stating we will have a 23% increase in our annual premium and "it is likely that your premium will again increase in the future".I called the NC Dept of Insurance and they confirmed they approved this increase. The NC Dept of Insurance stated that because "more people are using the policy than expected, the insurance company doesn't have enough money to pay the premiums". We feel we have been taken advantage of since we are at the age now that we may need long term care insurance. It doesn't seem right that a company can just continue to raise their premiums due to their mistake and maybe eventually cause consumers to drop their policies because it is now out of the range they can pay. From reading the other reviews, this practice seems to be widespread with Genworth. We are looking for consumer protection against these practices.
I have a Genworth LTC policy since 2011. I just received a letter informing me there is a 61% increase! Last year there was a 23% increase. I have a really good unlimited policy that I can no longer afford and will have to cancel. I have MS and am also a breast cancer survivor. I was really depending on my LTC policy if I need it in the future. Sign me up if there will be a class action lawsuit.
My wife and I joined Genworth Financial Long Term Care Insurance in 2008 when our ages were 60 & 59 respectively. We thought this was a good investment in our future and a way to protect our family from LTC expenses later in life. After paying our annual premiums faithfully for the past 9 years, with no claims, investing approximately $50K in Genworth's coffers, fast forward to 2017 when Genworth presents us with a 50% increase in premiums with a promise of future increases to come. This coupled with consumer reports from several agencies that Genworth does not respond to or honor claims, pending class action suits against their management, dropping stock prices, and purported buyout by a Chinese firm makes us wonder if whatever is left of Genworth will even be there to honor our claims when needed. Now, like many, we're between the proverbial rock and hard spot -- step up to the rate increases and hope we have LTC insurance when we need it or walk away from our $50K investment and hope for good health. Since I've suffered a heart attach in the past year and my wife has Parkinson's, it's highly likely that one of us will require LTC as we move into our 70s. Personally this looks like an attempted money grab before the sellout or bankruptcy announcement. Shame on the Texas Insurance Board for approving this rate increase, of course all those insurance agents who assured us this was the way to go will also get a 50% commission increase for all who continue making payments. So your agent will assure you that paying the increased premiums to the way to go -- greed rules. State and Federal agencies grant these huge rate increase because they are scared to death of these LTC insurance firms failing and leaving the burden to government programs. I believe Genworth will continue rate increases to force its aging member base out before they accrue any claims. Our future looks a lot less secure than it did a month ago.
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 have had Genworth Long Term Unlimited Care Policy since March 1999. I have had price increases since then... my question is, if and when I go into an ALF, what if Genworth is out of LTC or sells out to another company, will they continue to honor my unlimited policy?
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 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 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.
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 started my policy in 2010. I thought the annual premium was steep then, but when the ridiculous premium increase came in the mail this week, I realized the only way out of this scam is to end the policy. I'll do some research first, but if there is a class action suit filed, please include me. As a single senior, I didn't have the funds to throw away on this misleading insurance. I was only trying to help my family, now I see I have cost myself yet another year of retirement. I'd love to see a class action suit happen.
I have been a Genworth customer for 5 years. I am 43 years old. I can say without hesitation that the customer service I received with Genworth is the worst I have ever experienced in my life. It took 7 weeks to get my beneficiary changed. Life Insurance is a serious matter. Genworth does not take its work or its customers seriously. After having such a difficult time with Genworth, I started looking online for reviews and ratings. There are few positive things that their customers have to say. Between now and the time for my policy renewal, I will find another insurance company and I will not renew with Genworth. DO NOT GIVE YOUR MONEY TO THIS COMPANY. Read the reviews of others - especially long term policy holders. They should be sued.
Made a claim for my wife upon discharge from 23 days in the hospital. Their nurse came quickly to "assess" her. Even the most biased observer could instantly tell she needed assistance. After two weeks, they were "reviewing" the nurse's assessment. Another week later they were still "reviewing." I had already paid the home care agency and was reluctant to run up a giant bill only to have the claim denied. The need for help diminished and we stopped it. Every time I called, I got the feeling they were "stonewalling" me in the hope I'd give up. A month after the nurse came and all the claim forms were in, they paid. After reading the litany of extremely poor reviews, I see I was not imagining things. I am just glad I was here to be her advocate.
We bought the policy in 2006. I saw the statement in the policy that allowed for class rate increases as a result of bad class experiences. I told the agent I would not purchase the insurance with that clause in the contract. He said they had never had an increase and would not have any reason to increase the rate since the contract was for a fixed amount and not related to the daily price of care (i.e. as the daily rate increased, the the max daily rate paid by the company would not change). My understanding is the statement was true, but a little misleading. Genworth misjudged the % of their customers that would live long enough to collect; thus, they needed to raise the rates. In other words, their actuaries were wrong. When this happens with life insurance, the states say too bad. In the case of long term, the states say, "Okay, how much of an increase do you need?" I believe the state regulators are at fault in permitting the rate increases, but they might be afraid Genworth might default. It would be good to hear from one of the regulators on this as the latest rate increase is rumored to be 63%.
We bought our policies for long term care 13 years ago. We bought while in our forties so that our premiums would remain low. We just received our increase notice demanding a rate change of 60%. The reason for the increase is basically poor planning on the part of Genworth - "Oops, we made a miscalculation!" Apparently their actuaries were incompetent. But that is not my problem. This is a legal agreement, as far as I'm concerned and we only purchased this policy because it was affordable, and would continue to be so for the duration. A 60% rate increase is exorbitant. Isn't there any consumer agency that protects people from this kind of gouging?
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?
I'm representing my father-in-law and he has Alzheimer's. We noticed in 2007 that his memory was getting bad. By 2009 I contacted Genworth LTC just to see how his policy worked. At that time I didn't want to file a claim because I was able to care for him and I didn't want to activate the policy too soon. I contacted Genworth again in 2013 because I had additional questions about his policy but still didn't want to activate it. The lady that I was speaking to was very nice and encouraged me very strongly to activate the policy because she had seen too many policy holders die before they were able to use the policy, so I did. I didn't have any problems with getting an aid in to help while Genworth reimbursed us the money. They also waived his elimination period which was 90 days. Getting his policy activated was a breeze. The same year we activated the policy in 2013 he had to pay an increase of 18%, in 2014 20%, in 2015 20% and in 2016 it will be increased another 20%. My husband have started looking into buying LTC and we're scared with whom we might choose in fear of this happening with not only Genworth but other companies. If it wasn't for the increase we would have gone with Genworth.
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.
My wife and I purchased Long Term Care Insurance with Genworth when we were 59 and 60 years old. For 5 years there was no increase in premium. This year we have a 60% increase on our premium! Either they can't do projections very well, or we have been had. Consumer beware! We had a 5% inflation protection for daily maximum benefit as part of our policy, but surely this could be managed without such sizable premium increases. We are ending our policy. We can't afford this increase, and who knows when the next one will be and for how much.Might as well put the money into other forms of savings and growth. And, if we never get to use it for nursing home stay, at least it is in our own pockets and not the insurance company's coffers. We have also sent letters to our New York State representatives alerting them to this increase. NY state has a partnership with LTC insurance companies to promote New Yorkers to buy LTC policies. But, the partnership has to rein these companies in if they want to succeed in having New Yorkers invest in policies. Otherwise, we will be sick and broke, the state will be paying Medicaid, and the insurance companies will be buying gold faucets in the penthouse bathrooms!
My wife and I decided to purchase LTHC after experiencing my father's illness with Alzheimer's. We purchased in 2003 two policies one for my wife and one for myself. These were "Lifetime" coverage policies with a 5% annual increase compounded factor. In 2011 we were presented a large rate increase at which time we reduced our coverage to a maximum of 4 years and were able to maintain approximately the same premium. This year we received notices telling us our policies would increase incrementally by 130%!!! We've paid in just under $70,000.00 and now cannot justify the increase on our fixed retirement budget.I wonder, if the company is in such dire straits, why they pay their top 5 employees an average of $5,000,000.00 a year... CEO McInerney at $8,965,211.00 highest and Attorney ** at $2,027,154.00 with the average being over $5,000,000.00. This doesn't make sense to us... end of story. Worst "investment" of our entire lives.
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!
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!!!
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 have all experienced the recent 50%+ increase in Genworth LTC insurance premiums since they were purchased by China Oceanwide. Each of us has two senators and one congressman. Write them and encourage legislation to help those of us who feel we've been misled. One point to make, if you read the fine print, even if you discontinue premiums, you still get some very limited coverage up to the cost of the premiums you paid to that point.
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.
Just received my Long Term Care premium for next year and it increase of 19%. I have been with GE LTC for 17 years. Looking at my 1998 contract GE says they have "Premium Stability and are proud to tell you that since 1974, we've not raised our premiums for any long term care policyholders." Healthcare costs are astounding. LTC companies just want your premium to continually go up until insures ability to pay becomes unsustainable and they drop out. Our government needs to get control of this cartel.
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.
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.
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.
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.
My mom signed up for Genworth Long Term insurance at some point when I was not around, after my father passed away. The agent was not from our city and had someone else with her who she said she was training. The agent told my mom she would come back at a later date, a few weeks later, to go over everything and answer any questions mom still had. Well, that was about 20 years ago and now that person's (the agents) phone is disconnected. I called Genworth and was advised they did not show anyone servicing our account and that WE would have to find an agent in our area. How can Genworth not see who their own agents are?? I live in a community of about 57,000 and have no clue what to do now. I read these other post about how Genworth operates and am getting very angry. I think I will contact a lawyer and the state of Oklahoma Insurance Commission to see what can be done about all this. My mom is 83 now and not doing very well.
My husband & I just received letter from Genworth today, essentially informing us that they're reneging on the policies we purchased YEARS ago, by increasing the cost over the capped & agreed to annual increase rate. OR the state as an alternative that we can opt for several grades of "lesser" programs. First thing that comes to mind is we need to band together for a class action suit if we intend to have any say with a big company like Genworth. Does anyone know if a Class Action Suit has been initiated. Also, posting negative reviews on social media, Facebook (on Genworth's FB site) can also go a long way.What irks me even more about this is not only how unethical it is, but that I called our insurance agent back in February 2018, expressing my concern over a WSJ article I read that stated Genworth sold all their holdings for these policies to China Oceanside Holdings Group Ltd (without notifying us) and also that from the sound of this sale, etc, these might be "red flags" that policyholders like ourselves, should be concerned about. My agent did some research and assured me that Genworth had a RBC (Risk Based Capital Ratio) rating of 400, which means they were very healthy and had $4 of surplus for every $1 of claim received. From researching the comments it also appears Genworth is very strategically "phasing" these huge price increases for its policyholders, perhaps because they wanted to avoid a simultaneous time coordinated uprising by outraged policyholders who might be smart enough to band together and get a class action suit going against them. Power in numbers is the only way we'll get justice with an uncaring & well protected powerful corporate entity like Genworth. Please advise if you have knowledge of any pending action or means to organize all of us against this terrible injustice. Worse yet, to hit older people, who after years of paying premiums, at the time when they might finally need that policy. Or maybe they're banking on that we're an older population who will just roll over and allow these injustices.
After paying faithfully for about 20 years for long term care insurance, we are now in our 60's and just received notice from John Hancock that our rates were increased 224% per month per person, making it impossible for us to continue as our monthly rates are now supposed to increase to almost $1000 per month! The only options we have are to cancel or drop to an inferior policy which will not give us the coverage we may need. We would never have purchased this policy had we known that this would be what we faced while we are still healthy and active. DO NOT PURCHASE - you would be better off putting your funds into a money market or stock.
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.
Where do we begin. How about the wait time on the phone when you call in to get information. Next when you have someone does answer they refuse to have a customer service agent come to the house to explain WHY the premium went up 51 percent in one year. All questions have to be answered via the website or the person answering the phone. NOT ACCEPTABLE!We have never made a claim so we don't have personal information on how well Genworth actually handles a claim. The coverage we purchased is what we expect to keep. But in order to keep our current coverage at our current premium, we will have to give up a quarter of the coverage. NOT FAIR. Yes, we did have a clause that warned us that there may be up to a 5 percent increase in a year. But we did not expect a 51 percent increase in one year. The small print in our contract states that the premium increase can be compounded. Isn't it amazing that the increase came once the company had nearly $40,000 of our money. There are options... We can get out, we lose coverage or we can pay a ridiculous higher premium. Not Fair!!! Would not recommend this company to anyone.
My husband is deceased. Our financial advisor was learning about selling this product. Was I the first customer? As far as I am concerned, they have stole my money. There is no way out! I don’t pay premiums, I forfeit. If I don’t take increase my benefits go down. 4yrs to 2yrs. Benefit less per day. Before, you good freeze what you paid in but was a time limit to do this. I asked about it later and of course, no. So no matter what I do, I am the loser. Now they are hooked up with China. They didn’t ask me if I approved, which I don’t so seems to me I should have been able to get my money back. When I purchased this, there was nothing stating this would be sold in the contract. Don’t recall the word China when I said I would take this. My husband had just passed away and I feel taken advantage of.
We were sold long term care insurance through Genworth. We were assured at the time that we signed the contract that increases in premiums have historically been modest. We just received a new statement with a 51.5% increase in premiums. Given this excessive increase in our premiums, we assume that as we continue to age, the premiums will continue to rise at excessive rates. The company states on their website that they expected consumers to discontinue their policies and for this reason they are raising premiums 51% with no assurance that it won't continue to rise at this rate.
After buying Genworth LTC in 2003, we now find our premiums increasing 23%, with the letter stating, "...it is likely that your premium will increase again in the future." At the time of purchase, we were told our premium would be locked and not be raised. We've also discovered that getting DETAILS about actual coverage is virtually impossible: they are NOT detailed in the policy, & calling the company only results in double-talk. There has definitely been misrepresentation, & we await the class-action lawsuit.
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 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!!!
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".
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?
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 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!
This company should be investigated, every year I receive an increase in the policy premium. When will someone look into this. As I get older I cannot afford higher premiums. When I Purchased the policy I bought what I could afford for the coverage I needed and the salesperson assured me this was the best way to go. But I was forced to take less coverage because I could not afford the premium increase each year. All the years I paid the premium and the end result may come to not being able to afford any coverage at all. That as you can see was false presentation. That's why it's rated one star.
My mother had a Genworth policy for over twenty years. Recently she became ill and we filed a claim. After four-plus months of foot-dragging plus dozens of phone calls to an agent who never answered the phone and took days to call back, the claim was approved today. Unfortunately, Mom died yesterday. The agent told Mom that she had a one hundred day exclusion period for home health care. This was untrue. Mom spent the last four months of her life worried sick and not getting the care that she needed because Genworth did not fulfill its promises.
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 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.
After paying my premiums for 10 years, I received a letter indicating an increase of 60%. This company is definitely targeting the senior population. The amount of increase is outrageous. I would like to be notified of a "class action" suit. What is also disturbing, the letter indicates premiums might increase again.
My husband has been struggling with a long-term, degenerative, terminal illness called Multiple Systems Atrophy for about four years. One of the symptoms is a habit of falling over backwards. About a year and a half ago I called Genworth, wanting to activate the policy to obtain a stair climber. They said that he wasn't eligible, because he didn't fail 2 of the 6 ADLs. I asked if he would have to fall backwards down the stairs to become eligible, and they responded, "yeah, pretty much." Six months later he fell backwards down the stairs, putting his head through the drywall at the landing. He was then eligible for his long term care benefits. They qualified him for the stair climber, 7 day a week care, or care in an assisted living facility in January. In May they sent out a nurse to see how he was doing. A month later they told me that he is now "capable of independent living" and cut off the benefits. Keep in mind that Multiple Systems Atrophy only goes one way: a slow, agonizing decline until death. I have now filed an appeal and contacted a lawyer. This is not the picture they painted ten years ago when they sold us the policy. We have been paying them a stiff premium for ten years that has increased over and over again. We shouldn't have to fight them for the benefits that he deserves at the worst time in our lives, but there it is. My lawyer said that they do this because they can. They hope that I will be too tired or sad or sick to fight it. They think that the storm of paperwork and stalling will beat me, but they don't know yet. I am the storm.
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.
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 Mom bought a LTC policy 25 years ago - back then they were all called nursing home policies. Even though the policy provides for custodial care - now referred to as assisted living - they won't honor the policy because she is not housed in a nursing home proper. A former Genworth employee said that years ago the company sent out letters about the change in coverage (to allow for assisted living) and it was presented as an opt out option. Of course nobody opts out. But they won't admit they did that. Does anyone have experience with the nursing home policy argument? The claims admin at the assisted living facility says she can confirm at least one other person in house has same policy and it was eventually approved but HIPPA prevents sharing specifics. So frustrated by the run-around. It's been crazy. The claim was denied before they even had all required paperwork from facility - a sure "tell" of how it would be. Since then - I have been passed around by one individual after another who isn't qualified to answer questions or be accountable. Scoundrels. It is a system designed to be inefficient without a means for resolution. Either genius or pure stupid - neither is good.
I had a heads up about the increase from a friend. I received the 60%-increase letter today. Feeling disgusted, angry and scared. Any class action lawsuit, count me in.
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 93 year old dad, veteran of WWII and Vietnam, now has dementia and requires in home care. He has paid Genworth for over 20 years and now is being stonewalled on his claim. I'll keep this short. My advice to anyone looking into buying a LTC policy... Look elsewhere as Genworth are cheats.
Stay away from Genworth insurance, do not deal with this insurance company. Just over twenty years ago I took out a policy and made payments on time each and every year. My policy has now more than doubled. When I called about this increase the rep told me the policy will increase two to three hundred dollars each month going forward. No claims against this policy. Just a increase. I guess the mistake I made was first choosing Genworth, second not dying during the first twenty years. I’m now 52 searching for insurance. Class action suit? Yes.
After many years of paying large premiums we too received a notice of a 60% increase from Genworth as did many people it seems. This is an unconscious act of greed if not fraud. I am starting the process of contacting appropriate "watchdog" agencies starting with NYS Insurance Department and Attorney General's Office. I hope a class action suit emerges. I will try to get the attention of the US Consumer Protection Agency through my Congressman. I am not sure what this website does other than let people let off steam or feel better because lots of others are being forced out of their policies after paying in thousands.
My wife and I purchased a LTC policy about 5 years ago. Age (Late 50's early 60's). It was expensive, but we thought we were doing the right thing. We just received a notice that our 2 policies were each increased 60%. Well what can I say, we obviously can't afford this. I am afraid to keep premiums as is and downgrade benefits because there will be another hike down the road! Kind of like throwing good money after bad. We lost our money (I guess we'll get a small credit towards what we paid). Had I known this I would have never took these policies out!! Please let me know if a class action suit comes up. I'll sign up!
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???
One is to give these people money in anticipation of one of three possible outcomes. One expects the premium to be earned by making good decisions should the need arise. But there are three possible outcomes: good decision (+), bad decision (-), and no decision (-). I found Genworth does not make good decisions when the choice is easy (to wit: insure healthy people). Therefore, I would hate to think of having to trust my medical needs to them if the decision was difficult. I would add: generally, it is a very bad idea to mismanage the application of a trained management consultant.
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 bought a long-term care policy with GE Assurance in 2001. That company never increased my rates. But after about 6 years GE was taken over by Genworth. In 2008 Genworth increased my rate by 11%. Four years later in 2012, they increased it again by 18%. Two years later, in 2014, they increased by 26%. Last week I received a notice that in 2016 they would increase another 26% and, for the first time, the letter warned that there could be further rate increases in the future. My rate has already increased 81% since I bought the policy 15 years ago. Genworth's letters tell me I can have a lower rate if I agree to reduce my benefits. But how can I trust a company that sells people one product, then forces them to take one of much lower value at a far higher price, with threats to keep increasing costs until the consumer can no longer afford to buy any product at all. What is to prevent them from continuing to raise rates on the reduced product beyond my ability to pay, or to reduce services to the point my out of pocket expenses would drive me into bankruptcy and into the arms of Medicaid, the very thing I bought long term care insurance to avoid? This is the most outrageous bait and switch operation I have seen. When I bought this policy, my agent told me this kind of thing couldn't happen because states regulate the increases insurance companies can implement. What has happened to our state laws? Even conservative Seniors have been good about protecting Social Security and Medicare. Will anyone protect those of us who bought into this long term insurance scam? What are our options? Would even a class action lawsuit benefit the company, driving them into bankruptcy and allowing them, under some reorganization plan to simply cancel the policies we've been paying for all these years as a kind of "bad debt?" This situation seems more like something requiring a Congressional investigation.
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.
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!
Got my new statement for 2017 and the three-year plan, (I once had the four-year) has risen in the Dallas area by $500. I guess the industry knew this and so they fashioned their 2016 choices. So many of us would make a mistake and choose the three-year plan over the four-year plan by mixing them up on the choices we could make. I sure wish the State Insurance Agency would investigate their practices. I just need to vent my frustrations.
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?
My husband and I did everything right. We decided, rather than turn assets over to our children and stick the state with future LTC costs, to get insurance. We got policies through Genworth (the cream of the crop, lol) when we were 57. After donating to this company for ten years they send us a letter telling us that within two years our policies are going to increase 72.800 percent. I asked my agent, "Is that even legal?!!" The letter stated that increases were because of multiple claims coming in. My agent said that he had more (inside) information that they screwed themselves by investing OUR money unwisely--they lost bundles while stock market is at an all-time high!!! I told him, "I could have put my money in high-risk investments instead of having Genworth "experts" do it!" We are done immediately with this company. I will contact our attorney and accountant and make some important changes.
Since I am not a policyholder with Genworth and so far my husband and I have not heard negative comments about their experience with Genworth to date, I am simply giving a, "middle of the road" review. I learned yesterday that my father in law's LTC policy just increased dramatically. I do not know the details yet however this is not how he nor my mother in law understood the premiums for their policies. As I have been reading the reviews of other similar, recent experiences of fellow Genworth policyholders, we are going to look into this matter in detail. We plan on contacting our state's LTC insurance regulators to make sure Genworth is acting within the law.Additionally, as a graduate with a major in finance and over 30 years in corporate businesses and banking, I am extremely concerned about the proposed acquisition of Genworth Financial by China Oceanside. Where is Genworth's Board of Directors and who in their right mind believes that it would be a positive move to "get into bed" with China (and particularly this company.) Who will be protecting my parents' best interests as they age and after they have paid premiums for many, many years? Who will be looking out for all of the policyholder's best interests?If interested, I recommend any concerned individuals and families take a look at what has happened to Genworth's stock, their credit and risk ratings and how they are desperate to shore up their LTC insurance holdings. Genworth is being bought for WAY MORE than they are currently worth. And lo and behold... all of a sudden, existing policyholders and many long term Genworth LTC policyholders are receiving premium increases in the midst of all this hoopla! I don't believe in coincidences. Do I smell fish?
Genworth Financial sold a number of its LTC contracts with assurances of their sales people in their presentation that the contract was as good as gold since it was backed by General Electric. A big factor in our decision to use Genworth as our LTC carrier. Years pass, the only correspondence we receive is our annual bill. A few years ago that all changed. Our premiums were increased. The COLA provision was removed and the benefit amount was capped at its value at the policy year end. That amount was in excess of $600,000 dollars.Knowing LTC costs were increasing and knowing it at the time we purchased our contract the 5% increase in benefit payments was an important part in our decision to purchase a LTC with Genworth. I asked if there would be any more premium or other contract changes in the future. I was told "no" this would be it and not to worry Genworth was safe. A year has passed and we just received our annual premium notice. The new premium has increased by about 25%. This was accomplished by reducing the number of years of benefit payments from 10 to 6. A 40% decrease in benefits.Genworth has its struggles, but the draconian measures being used against its LTC policyholders is to shore up its financial problems is not fair or moral. Many of us who purchased LTC when we were younger and in good health are being punished now for making a decision to protect our families assets by trusting Genworth and GE. I have to say that trust has been broken. My wife and I counted on Genworth to be our partner in making sure we could leave an estate to our children and grandchildren without having to worry about the cost of LTC in our twilight years. Now that the time is nearing that one of us will need to call on our "partner" to fulfill the promise they made to us. Their answer will be, "We still will give you the same reduced coverage from the last premium increase, but the price has gone up 58%. If you want to pay the premium we will pay you about half of what we promised."If as of today this company is still trying to sell LTC contracts my advice is "just say no". This company is unfair, has a strategy or acts like it does to push people out of their contracts to survive or sell. Where are our State Insurance Departments? I truly hope they are looking at Genworth's ability to pay its claims long term. I am very, very concerned for my family and all of the other thousands of families being penalized because Genworth's actuaries did not price their product correctly when they issued them.Unless they head in the sand did they not see the statistics regarding longer life expectancy, an upsurge in LTC use about the time these contracts might be used? Everything an experienced actuary needed to make reasonable pricing projections certainly was readily available. One might start to think. Could it be good marketing to sell the concept of buying young at a lower premium and saving money and not stressing the fact we really don't know what our claims experience will be? I feel as if I have been taken advantage of by Genworth. Don't let it happen to you.
Genworth Life- Long Term Care may literally be in criminal violation of several laws. Their business model is to delay, discourage, deny, and stall on administration, communication, and any other item in order to delay the payment of benefits. In fact, the business model at Genworth hopes that if they delay long enough that they won't have to pay out any benefits because your family member may become deceased.Genworth's customer service is great when it comes to helping you pay your insurance premiums to them as they are designed to be a one-way street in which your family's money flows to Genworth. But when it is time for Genworth to honor their end of the insurance contract they are all about finding numerous tricks to delay administration and communication so that they don't have to pay benefits back to the policyholder. I knew that it couldn't have been just me that was experiencing this blatant scam and I see numerous reviews on this ConsumerAffairs site that confirm others are having the same horrible experience with Genworth.Mom's health has been deteriorating at age 84 with lung cancer and recurring pneumonia. I followed Genworth's directions and delivered the medical power of attorney (MPOA) to them. After some time we received a letter by U.S. snail mail stating that was not good enough to appoint me as MPOA on mom's account. Now we had to drag mom out to the bank to notarize a letter stating that she "was unwilling" to conduct her business. We constructed the letter and followed Genworth's directions exactly as directed in their letter to us. Then after more time went by we received another letter stating that we now needed a physician's statement that mom was incompetent to handle her business.If a policyholder wants to appoint a family member as power of attorney as a future precaution they do not need to be mentally incompetent. This makes no sense. In addition, it is 2017 so that documents can be delivered in seconds by use of a scanner and email. Furthermore, Genworth is very eager to collect premium payments at the time of sale of the policy to a new customer and then semi-annually thereafter. Genworth knows that the MPOA should be put in place on day one at the same time that the policy is sold to the customer. Or at the very least Genworth knows it needs to communicate about the necessity of the MPOA during each of the two premium payments that take place annually. Then when the policy is needed the MPOA is in place. But Genworth understands that when an elderly family member is on their back and in poor health that it becomes more difficult and time-consuming for the family to put the MPOA in place. This enables Genworth to delay administration for as long as possible and this means the delay of Genworth having to pay benefits to the policyholder and family. This choice to delay administration by Genworth is not just incompetence, it is by design and an integral part of their sleazy business plan. Their hope is that they can delay paying benefits for as long as possible, even a delay of one month is a minimum goal of Genworth. This is clear as our family has been delayed a few months now just to put the MPOA in place. Possibly, Genworth hopes that the policyholder may not have help from family at a time of bad health and maybe Genworth won't have to pay any benefits at all if they can delay long enough and the policyholder becomes deceased. Many policyholders are in very bad health by the time they meet Genworth's criteria for a claim to be valid. Genworth of course understands this fact. Genworth requires a policyholder to meet 2 of 6 criteria that are basic life skills like being able to feed one's self. So if you can't walk or bathe or feed yourself is there any question that you can't administrate over your own business? Of course not and Genworth knows this. It is a long term care policy after all. Genworth customer service and claims people are trained to say things like, "We have to talk to the policyholder" to effect basic administration items. Genworth knows that many policyholders are in such bad shape that they can't get out of bed and can't speak. Mom can't hold a glass of water on most days now and lately she speaks two words: "can't" and "done" as in she wants to be done with life. But I can't get the sleazy insurance company people at Genworth to meet their end of the contract due to their business model to delay, deny, discourage, and stall on administration. Nice, right? The only thing that anyone should consider Genworth for is a class action lawsuit for their unlawful conduct. Don't consider them for becoming your insurance company. Did you know that they sold out to Chinese investors? I do not believe that the Chinese have great concern for the health and well-being of our American elderly family members and parents. I am reporting Genworth to the Virginia Insurance Commissioner and looking into filing a lawsuit. This company should be called Genworthless. Don't walk away from them. Run!
We are facing a 57.75% premium increase this year and projected an even larger one next year! I started my LTC policy 8 years ago and have only 2 years to meet the 10-year paid-up policy. This was my way of assuring my family that IF anything happened to me, they would have a way to care for my physical needs. But, at age 72, I feel I cannot afford this drastic increase and their reduced options leave me feeling that the high premiums I have invested are now lost to an unethical company. Paying any further premiums is likely just throwing more money away. PLEASE include me in any class action suit! This is simply WRONG!
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!!!!!
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.
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 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.
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.
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!!!
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.
We have had long term care insurance with Genworth since 2010. Today we received a letter informing us that our premiums were increasing by 60%, and that they may increase again in the future. The letter stated that this is not due to our age or health or claims, but due to THEIR expenses being higher today than they had originally anticipated. This seems to be dishonest and downright evil on their part. Reading on this site I see that many others are feeling the same way. Where is consumer protection? We will surely not be renewing our policies with them. Now that we are older it will be harder to find an appropriate LTC policy. This is very disappointing, as we felt we had made a good decision in buying these policies but obviously it was a big mistake. We would definitely join in on a class-action suit against Genworth.
My mom took out her LTC policy with Genworth in her early 60's. Her policy has lifetime benefits and covers dementia. Her husband died ten years ago and she was not safe to live on her own. I filed a claim for her and moved her into an assisted living near myself. Genworth sent out a nurse to investigate and her claim was approved based on her dementia. They've been good about sending a check every month that covers $60 per day. Now, suddenly, 9.5 years later they called me about her. They asked a bunch of questions about her activities of daily living. She is 89yo in two weeks. She can still bath, dress and eat. Her problem is she has dementia. She can't remember anything and would be lost in a second. They ask me if she's confused and I think I said not exactly, she just can't remember anything! She's not safe to live alone, can't drive a car, cook, or go anywhere alone. I got legal guardianship about 8 years from the courts because I was concerned about someone trying to get access to her estate. It was granted. Because I said she wasn't confused all the time Genworth is now wanting to come out and investigate again. I'm busy all the time, work two jobs, take mom to doctor appts, spend time with her etc. I don't want Genworth harassing her. It makes her angry and makes her angry at me.I think they are just trying to cause problems because they don't want to pay her claim. It's a lifetime policy. She could go on another ten years. I had always been happy with Genworth, but I'm really angry about this. They agreed to talk to her neurologist and PCP, so hopefully maybe that will put this to rest. If they cause problems I'm going to file a complaint with the insurance commission and talk to moms elder attorney. My stress level is really high now because of this.
Repeating what everyone else has written. Bought the policy from our broker at Morgan Stanley and was told that the premiums would not go up. We all know what happened. Between my wife and I, $50,000 down the drain. Customer service (very nice operator, with a hard job, so that why I gave five stars. She was polite and helpful as one can be when reading a script) tells me to suck it up as their agents sometime told people things that were untrue. Why is someone not suing this company?
I purchased a Genworth LTC policy in 2011 and recently received a notice of a 50% rate increase. After reviewing the many complaints about Genworth I will be joining any class action suit that comes up. I was promoted this policy by an Edward Jones representative and was wondering if others experienced the same source in acquiring this policy? It sounds very much like we are being duped completely. Keep me posted please.
I have faithfully paid our Long Term Care Premiums for my husband and I. At some point I expected a SMALL increase in the Premium. We felt safe and comfortable with our Genworth LTC Policies. We are no longer safe. We have lost good coverage and a lot of dollars paying for a good coverage that will no longer exist. Do we take one of the other diminished ABC or do we stop payment in the twilight of our lives? (BTW, we are both in great health.) Will what we take continues to get price increase? At mid seventies no one should be put into jeopardy after paying faithfully. We would consider joining a lawsuit for $ spent so far returned to us or allowing us stay status quo with our existing LTC Policy.
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.
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.
After paying the premiums for this policy for many years, I was served notice that my premium would increase 56% overnight. If I fail to pay the much higher premium, I lose coverage or suffer vastly decreased benefits. This was not what was represented to me when I signed up for it. An increase that huge is simply criminal.
My mother has held and faithfully paid the premiums for a long term care policy from Genworth for several decades. She is 96 now and due to her deteriorating physical condition has moved from her home in Indianapolis to an assisted living facility nearby. She is also mentally unfit to deal with complex issues such as this insurance, so she has assigned healthcare powers of attorney to both my sister and I to represent her.Dealing with Genworth has been difficult at best, and they seem to set up artificial barriers to communication. For example, they do no business through email, other than a few automated messages. This forces customers to call their 800 numbers. But after dozens of calls, I have never been able to speak with a designated claims representative once. The first tier of agents who answer calls always say the claims representative is busy, and will have to call me back. That rarely happens. Genworth still relies on faxing to receive documents such as power of attorney, which I provided at least a month ago, but it still has not been processed by them despite numerous phone calls. Therefore I am still unable to represent my mother fully vis-a-vis Genworth, as they have not 'processed' my power of attorney, although at least two agents have acknowledged they do have it.Others, however, are unable to find this document, which exemplifies another serious issue with Genworth: first-level phone agents provide contradictory and sometimes flat-out incorrect information. My sister and I have been forced to simply hang up and call back to talk to a different, hopefully more competent agent time and time again, in order to get factual information. Genworth does not have its act together at all, at least from the point of view of customers and policyholders. I do not recommend doing business with them. More to follow as my experience administering my mother's policy progresses.
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.
My 96 year old mother like so many others faithfully paid this company only to get nothing but grief when she finally needed to make a claim. I spend an hour every week trying to prod them into paying as they cheerfully say over and over that they never receive the paperwork or invoices, or they will send something over to claims. They assume you will give up and I am sure most patients who do not have a advocate like myself, never receive a dime. Why isn't there a class action lawsuit going against this company?
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?
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.
Am 76 living in NM. In 1999 I and my spouse started paying LTC coverage premiums with the company now known as Genworth. My husband died 2009 after 3 yrs of prostate cancer treatment. While on hospice we tried to file claims with Genworth who had endless reasons why we could not benefit from the coverage we had faithfully paid for 10 years. Now 17 years later, I am told, by their customer service rep, to pay up or lose the $24,081.13 they claim I have paid. My option is to stop payment and accept 174 days of coverage, so says the "customer service" rep. I asked to receive this information by email as well as in a letter to be mailed to me at my postal address. At this date, I have received nothing. When and if a class action suit is initiated, count me in. Genworth's goals and objectives are perverse. Genworth is a company focused exclusively on blind greed. Genworth's behavior is criminal.
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 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.
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 purchased the LTC policy 11 years ago with defined benefits. Now after 11 years and paying $87296, I received a letter of price increase by 60% just when I am retired. The "tailored" alternatives given are 1. Reduce the benefit period by 75% and inflation protection by 80%. 2. Pay 50% increase and reduce benefit period by 75% and inflation protection by 40%.If I want to cancel the policy, there will be no refund, the amount paid will be frozen (that means no interest will be added to the paid amount for last 11 years and future) and will pay part of the benefit if claimed until the amount is exhausted. That sounds like a definite fraud. This company took the money with a promise for 11 years with defined benefit, that means they knew how much money will have to be paid if there is a claim. When the benefit is known, the risk is known, how can someone make a mistake like this. The alternatives given are less than 40%. What can be done? If there is a class action, please let me know.
For quite a while, I have had grievous concerns about Genworth Financial. Besides having increased their premium rates, they have a history of being late in paying claims. My last claim, which was due for reimbursement on May 12th, is now ten days late, and, no response from my most recent inquiry. On top of this, they have also violated my rights under HIPPA and have harassed myself and some of my care providers. The bottom line, I believe the company is failing and if the takeover by China Oceanwide does not happen, people are going to be hurt very badly. Not only that, they continue to sell these policies!
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.
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.
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