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Genworth Long Term Care Insurance Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
47 Customer Comments & Reviews - see all comments
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Headquartered in Richmond, Virginia, Genworth Financial is an insurance and mortgage solutions company offering life and long-term care insurance products, as well as mortgage insurance and annuities, throughout the United States and abroad. The company has been in business since 1945.
 
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How is Genworth rated?

Breakdown

5.0/5
Benefit Limits
4.5/5
Policies & Coverage
4.5/5
Customer Service

Overall Rating: 4.3 / 5 (Excellent)

As one of the largest providers of long-term care insurance in the nation, Genworth offers a broad range of comprehensive coverages featuring customizable benefits, several care options, and a good selection of plan riders. Some of the best aspects of their Privileged Choice plans is that they include an excellent host of discounts and savings opportunities for couples and that their qualification requirements are much more inclusive than similar options, allowing those with pre-existing conditions and mental or nervous disorders like depression to receive the level of care they require. Anyone looking to be ensured by a company that truly takes into account the needs of their policyholders and continues to deliver a solid long-term care insurance product despite personal losses may want to consider what Genworth has to offer.

Policies & Coverage

Policies & Coverage - 4.5 / 5

Genworth understands that many who receive long-term care prefer to receive those services within the comfort of their homes. With that in mind, the company has designed benefits that provide home and community care coverage which includes skilled services, home health aides and personal care attendants, homemaker services, chore services, hospice care, and adult daycare. They also extend additional options such as caregiver training, as well as equipment and home modification, so friends and neighbors can provide some of the policyholder's care without having to depend on a home or care agency. To top it all, Genworth includes optional privileged care coordination to help their clients asses their needs and offers a host of discounts for couples and individuals who are in good health at the time of their application.
Policy Types
Individual / Standard
State Partnership
Group
Tax Qualified
Types of Covered Care
In-Home Care
Assisted Living / Adult Day Care
Nursing Home
Hospice Care
Medical Help Systems
Facility Coverage
Any Facility
Available Policy Riders
Inflation Protection
Shared Care
Waiver of Premium
Alternate Care
Spouse Survivorship
Home Modification
Nonforfeiture
Available Discounts
Partner / Household
Preferred Health

Inflation Protection

*Compound Increases Option: The monthly maximum and personal benefit account increase each year by 5% of the previous year’s amounts and, unlike other policies, they are not reduced by claims paid. *Equal Increases Option: The monthly maximum and personal benefit account increase each year by 5% of the original year’s amounts. The amounts of the increases will not be reduced by claims paid. The policy terminates once the personal benefit account is reduced to zero.

Claims & Benefits

Benefit Limits - 5 / 5

Genworth's plans feature such benefits as alternate care, respite care, waiver of premium, international coverage, premium stability, guaranteed renewability, protection against policy lapse, late payment protection, and a survivorship option. Benefits through the company are paid on a monthly basis and customers can choose from $1,500 to $12,000, in increments of $100. Their plans also offer optional perks like inflation protection, a compound increase or equal increase option, restoration of benefits, a nonforfeiture benefit, and an enhanced survivorship benefit. For those wanting to try their long-term care plan without having to commit to it, Genworth also offers a 30-day free look that allows customers to cancel their policy within 1 month if they are not completely satisfied.
Maximum Daily Benefit Limit
$0 per day
Unlimited Lifetime Benefit Period?
No
Elimination Period
30, 90 or 180
Eligibility Requirements
Activities of Daily Living Limitations
Alzheimer's or Cognitive Impairment

Financial Strength & Ratings

Financial Strength - 3 / 5

Genworth has received average ratings from all major U.S. credit rating agencies including A.M. Best, with which they hold a financial strength rating of C++. These ratings indicate the company has a fair ability to meet its policy obligations, yet that ability will have to be reassessed in light of recent events. Genworth has had losses in recent years due to an unexpectedly high number of long-term care insurance claims which, coupled with low interest rates, have cut their earnings significantly. The company has since entered into an agreement under which China Oceanwide, a privately-owned Chinese investment company, has agreed to acquire them.
Underwriter
Genworth Financial, Inc.
Moody's Financial Rating
B2
AM Best Financial Rating
C++
Standard & Poor's Financial Rating
B
*The above information reflects the financial strength of the underwriter of the Genworth long term care insurance policies: Genworth Financial, Inc..

Genworth Reputation

Customer Service - 4.5 / 5

Genworth has a B rating with the Better Business Bureau but hasn't received many customer reviews on the organization's website. There are few other reliable, impartial sources from which we may ascertain the company's reputability, yet one point in their favor is that despite financial setbacks and a recent acquisition agreement Genworth remains committed to fulfilling its obligations to its shareholders.
BBB Rating
B
Date Collected
2020-05-01

Contact & Additional Information

Company Type
Underwriter
Year Founded
1945
Homepage URL
https://www.genworth.com
Company Phone
(888) 436-9678
Headquarters Address
6620 West Broad St., Richmond, VA, 23230

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47 Customer Comments & Reviews

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C
charles p
8/8/2017
I continue to hold my LTC insurance coverage with Genworth, although I am not at all certain this is worthwhile. I am seeking the services of a lawyer specialist in evaluating what my policy will actually deliver once the insurance contract wording is translated into true cost benefits and limitations. it is especially troublesome, that the ultimate control of releasing funds in subject to their in-house decision group, who seem able to constrict payouts on an arbitrary basis if you are reading all the problems with their policy holder claims. As a result I would not recommend this insurance as truly mind easing and complete.

S
Sheila
6/27/2017
My husband and I purchased out GE LTC policy 12 yrs ago. We have not used the insurance. Premium increased 43% this year. After reading the difficulty in drawing monetary support; makes me wonder if I've thrown money down a drain. One never knows how good their insurance is until it is used. Fortunately, we have not used it, therefore, do not know how good it is.

B
Barbara S
4/26/2017
We took this LTC insurance 17 years ago and have paid the annual premiums including increasing premium costs. Now we are trying to use this insurance and trying to complete the 100 days necessary to activate payments. This is for home health care, my husband has Alzheimer's Disease and home care will go on as long as possible. I have found Genworth extremely difficult to work with. I cannot get a straight answer to any question...if I ask same question of 3 phone responders I get 3 different answers. Yesterday, claim rep had me in tears. My husband is 85 and I am 79 this has been a nightmare. I think perhaps my husband may pass away, possibly me too, before we are able to have a... Read More

L
L Z
3/22/2017
I do not recommend Genworth Long Term Care Insurance. I feel they took advantage of me. I purchased the insurance 9 years ago and faithfully paid the premiums over these years. I was recently notified that my premium increased over 50 percent with expectations for continued increases in the future. They could give no estimate of future premium costs or how soon they would hike the prices. Hearing that they are in financial difficulties it is worrisome to know about the solvency of the company in the future. I have decided to cancel my policy and will take the loss of my 9 year investments.

C
Charles W
12/6/2016
Do not buy long term health care from this company. They raised my premium 50 percent in one year after I was sold the policy from Edward Jones with the guarantee my premium would never be raised. They are also in financial difficulty selling part of their assets to a company from China.

K
K.D. S
11/15/2016
It is been taken over by "China Oceanwide" and the premiums were increased by 30% in Late 2016.

G
giorgi
10/10/2016
They increased our policy without warning by 50% starting in December of 2016 after 7 years of participation. I would not recommend them. You must get the maximum annual increase in writing which obviously we did not do and they took advantage of it.

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