Orlando, Florida
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After paying Long Term Care Insurance through Genworth for 12 years at a cost of approximately $50,000.00. Genworth decided that the product class, (privilege care select 2 is what I am told we have) was a high risk category for them because of our age and the possibilities of our needing our insurance.

They increased our premiums 2 years ago and also this year by 25%.

This is legal for them to do. I just need to warn people who think they will have this product when they need it....because they will price it out of there reach, as they are doing to us.

Monetary Loss: $50000.

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Anonymous
#1281445

At least two class action lawsuits have been launched against Genworth LTC recently. We have just written letters to the attorneys at two of the law firms involved, asking what we need to do to secure our future rights, as members of the broad "class" of plaintiffs described in the suits.

In general, our personal experience sounds worse than those of the named plaintiffs in the suits.

Google "Genworth" and "class action" and you will find TONS of information to pursue.

Anonymous
#1272790

Just received my Genworth long term care increase for 2017. 60%!!!!!

Not as much as 2016......but close. This is nuts. I was told they would never have an increase. What can be done?

I guess Genworth can do whatever they want to and if you don't like it, to bad. Unbelievable.

Anonymous
#1146515

If you hold a Genworth Long Term care Policy then please read on! There is no doubt that the Genworth L.T.C.

officers are apparently involved in fraudulent business practices. In the 2016 Law suit settled out of court in 2016 , G.L.T.C. officers were forced to turn over 218 Million dollars to their stock holders for manipulating company finances to reduce share price.

So if you are a policy holder you are likely going to have to go to court too against Genworth.

You need to contact your state representatives and State Insurance review agencies. But that won't get much accomplished since the process is by enlarge controlled by Insurance financial interests.

So We are trying to get private legal representation for policy holders by starting a class action suit in New York state and together we may extract some measure of justice.

Anonymous
#1154896
@Charles Anthony

Mr Anthony,

I am a genworth policy holder for 14 years.

I was told rates would not go up. Obviously hey lied.

I have been doing research and I believe Genworth misrepresented their product to thousands of people.

Bottom line is that their actuaries calculations were way off and they want us to pay for their mistake.

Better yet I think they are trying to squeeze people out of the policy by having such insane price increases.

I agree that a class action lawsuit should be pursued.

Please include me and my wife in the suit. My name is Saul Jacobs I can be reached at shjresume@aol.com

Anonymous
#1050481

They are raising premiums by 60%! How do we stop this?

There are many consumer complaints.

Would a class action suit stop them? Carol Press

Anonymous
#1029113

Yes i had a 20 percent increase in 2014 now just recieved a 60 percent additional increse for 2015

Anonymous
#1025327

Robbing clients

My wife and I purchased LTC from Genworth over 7 years ago with very high premiums; believing what the sells person and documents said about being in business for 30 years with no LTC premium increase. Today we received a bill that has a 60% increase in premium rates and a very reduces benefit plan.

Time for a class action law suit.

Anonymous
#808224

Genworth is a company out to fraud seniors and their famililes. My Mother passed away April 3, 2014 and they are not wanting to pay her March $3300 payment.

She paid premiums totaling over $80,000 and she had 6 years of care coming to her. She died just using 1 yr and 4 months of the long term care.

They are happy she died and saved a ton of money and don't want to pay the last month of her life. I will fight them and let everyone know of their deceit.

Anonymous
#761827

What you fail to mention is you bought a Genworth policy that was priced 50%-100% beneath its peers. Northwestern Mutual charges 3 times more premium for the same benefits than Genworth.

I would rather buy a policy for $2000 year with Genworth and then have Genworth raise my premium to $2500 than pay Northwestern Mutual $6000 year from day 1. Quit complaining.

Anonymous
#762450
@Berger

When we bought we checked out all long term insurance companies and they were mostly the same price.....when we purchased our policy it was GE, a large company we felt would be around when we needed them. This had nothing to do with price.

12 years ago all the company's were the same price...........where did you get your #'s???

If your age was 70 maybe you paid 2500...we bought when we were 60.......if you buy when you are 80 you pay more.

Get real!!! Do you work for Genworth???

Anonymous
#793884
@Berger

You are working for Genworth, aren't you? Only uninformed people and people being paid by Genworth would defend their practices.

My husband & I are both Victims of their unscrupulous behavior and bad faith policies. Why do the State Insurance Boards who are supposed to protect consumers allow them to put misleading statements in their policies and get away with it? The 'Class' that everyone fell into whose premiums got raised was 'AGE Class', so how can they legally put 'Premiums can never be raised due to age or health' statements in the Policies and get by with that.

Consumers have no protection. Trust no one!

Anonymous
#666511

Genworth is screwing us seniors - we had an increase last year, are experiencing another this year, and have been told there will be another one next year. How is Genworth being fair ???? Long term health policies are a fraud and Genworth needs to have a class action suit against them.

Anonymous
#665859

Genworth is a wonderful company.... I would be that is the first rate increase you had in 12 years.....

you wouldn't be complaining if that were your automobile insurance and they hadn't raised your premium for 12 years..... you can always adjust your coverage and I am sure that you are already aware of that.

Anonymous
#786132
@Genworth Agent

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? And your defined benefit has not changed. 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." 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.

Yes, a wonderful company.

Rudi Kraft 1400 Colorado St. #C Boulder City, NV 89005 702 293 6061

Anonymous
#793889
@Genworth Agent

My auto insurance policies do not say 'your premiums can never be increased due to Age or health', but Genworths LTHC do! When I turned 70, after a dozen years paying on the Policy, premiums increased by a huge amount to 'drive me out'. You are comparing apples to oranges.

Anonymous
#802705
@Genworth Agent

Self-promoting, and denying the facts. Sounds about right for any Genworth agent. Thanks for validating every complaint against your company.

Anonymous
#659140

Same thing has happened to 2 of my friends parents

Anonymous
#1007784
@Sue

Beth- After twelve years never missing a payment, suddenly our premiums are being raised over 60%. Our jobs have been erased, as our company defaulted, we are on fixed and limited incomes in our later years, and, suddenly, because GE did not plan for this, we are being hit with this crippling increase. Shame on them.