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03-04-2015 03:49 PM
I tried to post on the old thread but thread closed.
For those that have Genworth, have you ever changed to another company? Reason for question is Genworth stock is down 30% due to excessive losses in Long Term Care Claims. Our premiums went up 40% last year. It seems that Texas Insurance Commission OKed the rate hike. Hope the company is not is enough financial trouble that it will jeopardize our policies.
03-04-2015 04:06 PM
I am with Penn Treaty and they seem to be in dire straights. I think I am going to be left with out long term care insurance.
03-04-2015 04:33 PM
They are all in "dire straits" or will be soon. They cannot afford to pay out the generous benefits they offered back in the day. So they are either raising premiums, reducing coverage or quitting the business altogether. People are living longer and claiming benefits for longer periods than they had envisioned and meanwhile low interest rates have made the insurance companies earnings on the premiums very low. Insurance insiders say there will be a small number of companies that continue to offer LTC but more and more it will be in the form of "hybrid" products that combine an annuity type investment with some LTC coverage.
03-04-2015 05:49 PM
My husband had a Genworth policy for about 9 years. Last year (or 2013) he canceled it. His payments doubled. He also had a terrible time getting them to pay for services on his father's policy.
We decided we'd take our chances and pay for our own needs.
03-04-2015 08:03 PM
I have had Genworth for several years and have never had an increase in premium but I know it's coming. I want to drop it and do without. The only problem is that I have too many assets for which I worked very hard my entire life and want to leave to my son. If something should happen to me, all my years of hard work and assets will be gone in a nano-second. I'm not wealthy enough where payments to a nursing home would only make a small dent. I'm not poor enough that the government will pay for me. I'm like so many Americans who worked hard, saved and invested money and don't want to have the money go to a nursing home where I would receive minimum care at best. I guess I'm between a rock and a hard place. docsgirl
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