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Welcome to the forum! I am sorry Genworth being unresponsive is the cause. Unfortunately (or is it fortunately), my wife and I have our policies from CNA. So far, they are just taking our money without complaints What happens if either of us make a claim is unclear and hopefully some distance away.
Perhaps others have a suggestion how you might approach Genworth to resolve this issue/query. All the best!
Re Genworth. Seeking other couples who bought NYS partnership policies in 2003
I don’t give a fig about Genworth’s response. I have sent a number of letters to them in the year and a half we are collecting on home care services, and their responses, if they bother, are non responsive.
They are however paying our claims, especially now that I find if they don’t pay by the 31st day after they receive the claim, they must pay 12% interest. Took a lot of letters to find that out. And even more to understand how that was calculated.
Their processing of our claims is often faulty and checking their payments puts an additional burden on me. They recently apologized and said it was because increased home care services are calculated by hand. They now say they will put a senior associate on it. I have to wonder how many other claimants are shortchanged and do not know.
Doesn’t it make you question the accuracy of the calculations used to convince NYS to grant increases of 60%, 52%, and 143% when they are posting a profit?
Despite my age my memory is not faulty. Blessings on our insurance agent who explained 5% compounding and 100% home care rider to me.
I am hoping this forum can put me in touch with other couples who purchased a NYS PARTNERSHIP POLICY in 2003 to share how their waiver of premium was handled if one of you was collecting.
I also think if your spouse died after collecting and after 10 years of paying premiums there was an another waiver, But I could be mistaken on this. The options available were similar to a Chinese menu and when they refused to consider us a couple, the options became more limited.
Thanks. It is liberating to be able to gripe in a public forum and possibly find kindred souls to share information.
The math is simple, and explains the foolishness of these plans. Does anyone here think that paying a LTC policy premium of say $6K a year for 20 years can possibly cover multiple years of expenses that nowadays run $60K-$150K a year? These LTC insurance plans are fools gold bordering on fraud.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,080 posts, read 7,527,706 times
Reputation: 9814
Quote:
Originally Posted by TimAZ
The math is simple, and explains the foolishness of these plans. Does anyone here think that paying a LTC policy premium of say $6K a year for 20 years can possibly cover multiple years of expenses that nowadays run $60K-$150K a year? These LTC insurance plans are fools gold bordering on fraud.
your math is not realistic.
IRL: Our policy, couple rate, individual policies, 2002 purchase, had an ~approximate cost of ~1400/yr for 1095 days each: coverage @max $100/day. Today 2024, it is ~$5000 premium combined, @max $330/day, 1095 days (spouse) + mine @max $205/720days (I took a reduced coverage in 2022) to control premium and because of a cancer diagnosis. We also have a low deductible, IIRC.
Here in Greater Seattle area, assisted living will exceed $9000/mo, current.
We have always expected that LTCi will only cover about 50-75% of expenses while our personal (IRA, purchased annuities, SS, reserves) funds will provide the remainder
current age 74/77.
your math is not realistic.
IRL: Our policy, couple rate, individual policies, 2002 purchase, had an ~approximate cost of ~1400/yr for 1095 days each: coverage @max $100/day. Today 2024, it is ~$5000 premium combined, @max $330/day, 1095 days (spouse) + mine @max $205/720days (I took a reduced coverage in 2022) to control premium and because of a cancer diagnosis. We also have a low deductible, IIRC.
Here in Greater Seattle area, assisted living will exceed $9000/mo, current.
We have always expected that LTCi will only cover about 50-75% of expenses while our personal (IRA, purchased annuities, SS, reserves) funds will provide the remainder
current age 74/77.
The LTC underwriters at these companies screwed-up big time as evidenced by their actions and rate hikes. They are actively trying to get their customers to cancel policies because they can see it’s a money-losing deal that will only get worse over time. A cynical person might see LTC policies as a ploy by insurance carriers to scarf up the easy money on the front end, and then bail when it’s time to start paying benefits. Maybe they’ll whine loud enough to get a government bailout, because “nobody could see this coming”.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,080 posts, read 7,527,706 times
Reputation: 9814
Quote:
Originally Posted by TimAZ
The LTC underwriters at these companies screwed-up big time as evidenced by their actions and rate hikes. They are actively trying to get their customers to cancel policies because they can see it’s a money-losing deal that will only get worse over time. A cynical person might see LTC policies as a ploy by insurance carriers to scarf up the easy money on the front end, and then bail when it’s time to start paying benefits. Maybe they’ll whine loud enough to get a government bailout, because “nobody could see this coming”.
Yes, they did underestimated the pricing and demand for this financial product. That's business.
The outcome of us Boomers who have LTCi is unclear...
... Don't know if the various government entities will do a bailout.
... Those of us who have LTCi are in the wealthier caste and can and will demand some form of compensation in a default scenario.
... Many of Boomers may eventually decrease LTCi as we age and have a better understanding of our health and wealth. Boomers' leading edge is approaching 80.
... Those who will use the LTCi benefits will be subsidizing non LTCi users and MediCare recipients.
... In Washington, ALL W-2 employees are required to contribute to LTCi (Washington CARES Act) unless specifically exempted. That LTCi is not portable to another state, and if you are under a specific age, you are excluded from benefits until you meet a 10 year & age contribution threshold (forgot the specifics).
... Unless a person who has taken care of another person, there will be a lack of understanding in the value of LTCi.
Oh, lucky me! I received a free offer from Prudential, my LTCi carrier. I can get five FREE medical screenings valued at $149, less than 1 mile from my home. Woot! Coincidentally, this free offer arrived in today's mail, along with a separate notice of an approved increase in my LTCi premiums. The letter clearly states that the test results will not be shared with Prudential. GMAFB
I don’t give a fig about Genworth’s response. I have sent a number of letters to them in the year and a half we are collecting on home care services, and their responses, if they bother, are non responsive.
They are however paying our claims, especially now that I find if they don’t pay by the 31st day after they receive the claim, they must pay 12% interest. Took a lot of letters to find that out. And even more to understand how that was calculated.
Their processing of our claims is often faulty and checking their payments puts an additional burden on me. They recently apologized and said it was because increased home care services are calculated by hand. They now say they will put a senior associate on it. I have to wonder how many other claimants are shortchanged and do not know.
Doesn’t it make you question the accuracy of the calculations used to convince NYS to grant increases of 60%, 52%, and 143% when they are posting a profit?
Despite my age my memory is not faulty. Blessings on our insurance agent who explained 5% compounding and 100% home care rider to me.
I am hoping this forum can put me in touch with other couples who purchased a NYS PARTNERSHIP POLICY in 2003 to share how their waiver of premium was handled if one of you was collecting.
I also think if your spouse died after collecting and after 10 years of paying premiums there was an another waiver, But I could be mistaken on this. The options available were similar to a Chinese menu and when they refused to consider us a couple, the options became more limited.
Thanks. It is liberating to be able to gripe in a public forum and possibly find kindred souls to share information.
called genworth about a couple discount .
they said there are policies that offer couple discounts when sold but they also use a different pricing structure so ours is not one of them …actually they said we have the better deal
Having a planned for retirement is expensive if you want to cover all of your bases.
What I have learned in 15 plus years of retirement and about 18 in this forum is that our hoped for expectations may not have been matched by our planning and resources.
The gap between retirement resources that exist between seniors at 60 and 80 is much wider. This forum began to frown upon what some called self back patting. Thus the threads on success became less.
There are many able to afford the increase in LTC care.
At one time it was often mentioned the recommendation to have 270-310,000 in after tax set aside for medical cost overage. That was often met by fierce resistance as was other financial guideline advice.
At this point f my life I will say all those guidelines including 80-90% of working income in retirement were welcomed!
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What happens if either of us make a claim is unclear and hopefully some distance away.
Re Genworth. Seeking other couples who bought NYS partnership policies in 2003
GMAFB
