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Old 01-01-2016, 12:16 PM
 
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gensworth but it is a partnership plan with nys backstopping it .
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Old 01-01-2016, 12:20 PM
 
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Quote:
Originally Posted by mathjak107 View Post
gensworth but it is a partnership plan with nys backstopping it .
Genworth?
IIRC, that is a division of General Electric.

Have they given any indications of abandoning the insurance business?
They seem to be selling their banking operations, so I wonder about their desire to remain in the insurance business.


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Old 01-01-2016, 12:25 PM
 
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so far nothing out of the ordinary . ge spun them off in an ipo .

the state would just likely roll us over to someone new anyway .
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Old 01-01-2016, 03:23 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,990,283 times
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Quote:
Originally Posted by mathjak107 View Post
time will tell , but right now i want the perks more then the insurance part.
What perks?

Quote:
actually in new your all insurers in life and annuity products must agree when asked by the state commision to absorb the customer base of a failing company as part of the right to do business here.
Are you sure that's a legal thing - and not a political cronyism "you scratch my back I'll scratch yours" thing? Any citations? That certainly isn't true in Florida (now a more populous state than New York). Don't think it's the case in Texas or California - the 2 most populous states in the country - either

Quote:
not sure about ltc company's but dollars to donuts says the insurance commission would have the client base absorbed by another company.
That is pretty much in the primary province of the insurance guaranty association - at least here in Florida - not the insurance commissioner (who might well play a secondary role). To the extent it's doable at all.

Quote:
i just went through my health insurer going belly up in november . the 2nd largest health insurer in ny , ny health republic failed.. we were simply rolled in to oxford . we were now bound by oxfords terms and network of doctors but that was about it . even existing unpaid claims were no issue for us.
THAT is/was almost certainly a totally political thing. Especially in a Democrat dominated state like New York a year before major elections. Note that your new insurance company isn't picking up the existing claims - only the existing clients. Taxpayers will be picking up the tabs for the claims.

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premiium increases are a far far greater worry then any insurer failing and you getting burned . it is very very rare .
Don't disagree at all when it comes to that. Robyn
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Old 01-01-2016, 03:26 PM
 
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The perks we get after the insurance runs out are we have total asset protection and most important total income protection.

No look back , no shifting of assets, no trusts needed ,etc
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Old 01-01-2016, 03:28 PM
 
Location: Ponte Vedra Beach FL
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Quote:
Originally Posted by Retriever View Post
I think that I was 52 when I took out my policy.
I wonder if the differences between the requirements of my insurance company and yours were due to our age differences, or if they were due to differing company procedures.

My policy is with Washington National.
Which company provides your LTC coverage?

Or perhaps it's due to changes in the overall market - and perceptions of risk/actual risks in the market? Insurance markets can change a lot over the course of years/decades. Robyn
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Old 01-01-2016, 03:31 PM
 
72,247 posts, read 72,198,066 times
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Quote:
Originally Posted by Robyn55 View Post
What perks?

Are you sure that's a legal thing - and not a political cronyism "you scratch my back I'll scratch yours" thing? Any citations? That certainly isn't true in Florida (now a more populous state than New York). Don't think it's the case in Texas or California - the 2 most populous states in the country - either

That is pretty much in the primary province of the insurance guaranty association - at least here in Florida - not the insurance commissioner (who might well play a secondary role). To the extent it's doable at all.

THAT is/was almost certainly a totally political thing. Especially in a Democrat dominated state like New York a year before major elections. Note that your new insurance company isn't picking up the existing claims - only the existing clients. Taxpayers will be picking up the tabs for the claims.

Don't disagree at all when it comes to that. Robyn
The claims not paid are not picked up by tax payers. We got a letter from the state insurance board advising us that we are not responsible for any claims not paid.

Any doctor or facility that takes insurance in the state does so with the understanding that if the insurer fails they have no recourse for any money owed. It is part of their agreement when they agree to accept insurance
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Old 01-01-2016, 03:39 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,990,283 times
Reputation: 6724
Quote:
Originally Posted by Retriever View Post
Genworth?
IIRC, that is a division of General Electric.

Have they given any indications of abandoning the insurance business?
They seem to be selling their banking operations, so I wonder about their desire to remain in the insurance business.

The company is currently having lots of issues with LTC insurance.

Genworth Financial struggling under the weight of long-term care costs

The current CEO is under pressure to sell the LTC unit - Genworth (GNW) Buffeted in Debate Over Long-Term Care Insurance Business - TheStreet - but is - as of today - committed to try to make the unit work. Don't have a clue how long that will last - especially in this age of "activist" investors. Note that I have no interest in LTC insurance or the company (as an investment). It just seems to pop up in financial news a lot. As a "poster child" for the woes in the industry. Robyn
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Old 01-01-2016, 03:42 PM
 
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Politicians are being pressed to get a state fund in place for health insurance defaults but so far nothing has been done.

As far as gensworth goes ny only requires 3 years insurance. So the 3 years coverage is no big deal for us to cover even if they vanished , which is slim.

But those perks go on forever and can be priceless.. if we didn' t have those perks i likely would have done something different instead of the insurance

Last edited by mathjak107; 01-01-2016 at 03:57 PM..
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Old 01-01-2016, 04:16 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,990,283 times
Reputation: 6724
Quote:
Originally Posted by mathjak107 View Post
The claims not paid are not picked up by tax payers. We got a letter from the state insurance board advising us that we are not responsible for any claims not paid.

Any doctor or facility that takes insurance in the state does so with the understanding that if the insurer fails they have no recourse for any money owed. It is part of their agreement when they agree to accept insurance
Any citations for that?

In all honesty - I can't talk any more about this without getting into a rant that would be more appropriate for the POC forum than the Retirement forum. I think people with money - and you claim to have some - should be most concerned with maximizing self sufficiency instead of trying to mooch off other people. I would only try to get public assistance if I fell on hard times - and absolutely needed it. And - when it comes to giving public assistance - I realize some people really do need it - and I'm prepared to pay for those people through my taxes. As for people who "plan" to need assistance - you don't want to know what I think .

New York is a rather peculiar state IMO. Like New York Medicaid paid for a full time live in home health aide for my late grandmother. She was actually poor - and not voluntarily - but a full time live in health aide? Don't think there's another state in the country that does anything like that. Who's going to pay for it all down the road? That's one reason New York is bleeding residents - especially residents with more than 2 nickels to rub together. I can't imagine what all of these things will cost New York taxpayers 20 years from now (they're costing plenty now)? Or what changes might have to be made to insure that New York remains solvent when most of those with money have left for greener pastures. You are probably 20+ years away from needing a retirement facility (if indeed you ever need one). So - I would think about the issue if I were in your shoes.

In any event - most of us don't live in states like New York. So our current and projected mileage will vary considerably from yours. Robyn

P.S. I live in the second fastest growing county in Florida - with the best school system in Florida - and most of our new residents are younger "tax refugees" from New York and New Jersey. These people will save more than enough in taxes over the course of their working lives to pay for any LTC they might need 30-40+ years down the road.
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