- 10,806
I would say they are very competitive based on those numbers. Genworth is just dirt cheap compared to all others. It would take a little over 40% increase to catch up with Mass.
What is Genworth's rate increase history like in NY?
Any Insights on John Hancock's "Performance LTC" Policies?
- Thread starter LTC_Client
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I would say they are very competitive based on those numbers. Genworth is just dirt cheap compared to all others. It would take a little over 40% increase to catch up with Mass.
What is Genworth's rate increase history like in NY?
Here's a link to Genworth's rate increase history in NY.
Genworth Long Term Care Insurance Rate Increases New York - LTCFacts.org
Tough to ignore PCFlex2 in NY for non NY Partnership business.
Based upon illustrations I've run - for NY - Genworth and MOO are pretty close. Much closer than what's shown above. However the comment I agree with is Genworth is 40% less than the Mass, NYL or NWM. Also the NYS Partnership 3-6 with the full daily home benefit rider is what I go to. It's what I bought.
Those horrible price hikes seem to have faded. I'm not Nostradamus so but I haven't had a hike on my 4 year old plan. Genworth just applied for rate hikes for their pre 98 book. The back book is an absolute mess that here working on
Those horrible price hikes seem to have faded. I'm not Nostradamus so but I haven't had a hike on my 4 year old plan. Genworth just applied for rate hikes for their pre 98 book. The back book is an absolute mess that here working on
The highest rate increase any Genworth policyholder in NY has gotten is 23%
Most have gotten no rate increases.
Here's the details on this webpage:
Genworth Long Term Care Insurance Rate Increases New York - LTCFacts.org
Pimp my website dot com
Lol
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LTC_Client
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Wow, thanks for all the input! I posted my follow-up question several days ago and it didn't show up for almost a week. I'd pretty much given up.
I am a newbie here. Sorry it didn't occur to me to tell you I'm in WA state, that I'm 59 and my wife is 54. (If this were a tech forum, I'd have originally posted my OS, CPU, memory, etc.)
I only recently heard about LTC. I asked my financial advisor about it. Turns out he sells JH so that's what he recommends. He never "tore down" any other company, but has been pushing JH pretty firmly.
So I went online, researched, heard MassMutual was a good company, checked their financials (and a bunch of others: MoO, NY, TransAm, etc.) and went to their page, got a contact number and hooked up with an agent. She says she sells JH, too, if I'm truly interested in that, but didn't recommend it. I didn't even know about independent agents, though maybe she is one.
But rather than just take their words, I kept digging, found this site and posted my question here. I'm not stupid (in fact, I'm the proverbial "rocket scientist" you hear about), but I am ignorant of LTC since I've only been looking into it for a about three weeks. I'm here to become less ignorant and I appreciate the patience of the people on the board. Most of them, anyway.
I also found Mutual of Omaha agents by Googling, but no one has called me back. I called MoO directly and left contact info, but no one has called me back. If an agent here would like to contact me, I would love to hear from you. Feel free to PM me.
Since I will turn 60 and my wife 55 in the next 2 months, I'm wondering how quickly we need to resolve this. Do the policies bump at 55 and 60? (Mass Mutual does not appear to, JH does.)
One technical question: WA is a Medicaid Partner. If we have two policies and one of us uses up the premium (say, $500,000), do we have to use our personal assets down to $500K before Medicaid kicks in? In other words, does the spouse lose his/her half of the assets as well? Seems like there should be some provision for the community property to be more protected than that. (That's one benefit my JH guy says their policy offers: the shared benefit means Medicaid kicks in at $1,000,000 in my example, assuming you've used up both sides of the premium.)
I wish I'd discovered this site a couple weeks earlier.
I am a newbie here. Sorry it didn't occur to me to tell you I'm in WA state, that I'm 59 and my wife is 54. (If this were a tech forum, I'd have originally posted my OS, CPU, memory, etc.)
I only recently heard about LTC. I asked my financial advisor about it. Turns out he sells JH so that's what he recommends. He never "tore down" any other company, but has been pushing JH pretty firmly.
So I went online, researched, heard MassMutual was a good company, checked their financials (and a bunch of others: MoO, NY, TransAm, etc.) and went to their page, got a contact number and hooked up with an agent. She says she sells JH, too, if I'm truly interested in that, but didn't recommend it. I didn't even know about independent agents, though maybe she is one.
But rather than just take their words, I kept digging, found this site and posted my question here. I'm not stupid (in fact, I'm the proverbial "rocket scientist" you hear about), but I am ignorant of LTC since I've only been looking into it for a about three weeks. I'm here to become less ignorant and I appreciate the patience of the people on the board. Most of them, anyway.
I also found Mutual of Omaha agents by Googling, but no one has called me back. I called MoO directly and left contact info, but no one has called me back. If an agent here would like to contact me, I would love to hear from you. Feel free to PM me.
Since I will turn 60 and my wife 55 in the next 2 months, I'm wondering how quickly we need to resolve this. Do the policies bump at 55 and 60? (Mass Mutual does not appear to, JH does.)
One technical question: WA is a Medicaid Partner. If we have two policies and one of us uses up the premium (say, $500,000), do we have to use our personal assets down to $500K before Medicaid kicks in? In other words, does the spouse lose his/her half of the assets as well? Seems like there should be some provision for the community property to be more protected than that. (That's one benefit my JH guy says their policy offers: the shared benefit means Medicaid kicks in at $1,000,000 in my example, assuming you've used up both sides of the premium.)
I wish I'd discovered this site a couple weeks earlier.
they have not had any rate increases on the policy forms approved in New York between 1974 and 1987.
Only a 2% increase on policy forms approved between 1988 and 1992.
23% or less on policy forms approved between 1993 and 1999.
10% or less on policy forms approved between 2000 and 2004.
That means that the biggest rate increase any NY resident has received on their Genworth LTCi policy is 23%.
And most got 10% or less.
When is the NY Times going to print that?
