Does Genworth Negotiate Changes to Policies in Claim Status

[george bolder]

I have a client with an LTC policy in claim status. the policy reimburses her up to 3000 dollars per month for caregiver expenses. the caregiver cannot be a family member. she wants to know if genworth will consider lowering the monthly amount to 2000 dollars but allow her adult daughter to be the caregiver. she wants to know how to proceed to make this offer to genworth.

 

[billberry12]

My personal opinion: no way. Read your contract (policy).

 

[Mr_Ed]

I have a client with an LTC policy in claim status. the policy reimburses her up to 3000 dollars per month for caregiver expenses. the caregiver cannot be a family member. she wants to know if genworth will consider lowering the monthly amount to 2000 dollars but allow her adult daughter to be the caregiver. she wants to know how to proceed to make this offer to genworth.

Many of the policies that are available for sale today could. But most of the policies that were sold 5+ years ago, would not.

Here's a more detailed explanation:

Can a long-term care insurance policy pay a family member to care for me? « LTCShop.com


sao

 

[Arthur Rudnick]

George,
If the contract specifically says that "The caregiver cannot be a family member", what is it about the words "family member" that your policyholder doesn't understand?

 

[GoCubsGo]

George,
If the contract specifically says that "The caregiver cannot be a family member", what is it about the words "family member" that your policyholder doesn't understand?

If you had better reading comprehension you would see how stupid your statement is.

 

[billberry12]

"Many of the policies that are available for sale today could. But most of the policies that were sold 5+ years ago, would not."

But Genworth does not and has never offered such a plan.

 

[Arthur Rudnick]

I see........
And, my response is stupid because?

 

[GoCubsGo]

I see........
And, my response is stupid because?

Well if you reread the original post, they said:

"the caregiver cannot be a family member" so obvisouly they understand that.

Then they asked: "if genworth will consider lowering the monthly amount to 2000 dollars but allow her adult daughter to be the caregiver. she wants to know how to proceed to make this offer to genworth."

So your smartass reply: George, If the contract specifically says that "The caregiver cannot be a family member", what is it about the words "family member" that your policyholder doesn't understand? doesn't answer their question if GE would amend or replace the policy to allow family members at a reduced benefit. Granted they did forget the question mark so maybe you didn't realize it was a question but newer policies do allow it so why would it be such a stretch for someone to inquire if it's possible?? I don't know which is why I didn't respond but that didn't stop you.

 

[retread]

Well if you reread the original post, they said:

"the caregiver cannot be a family member" so obvisouly they understand that.

Then they asked: "if genworth will consider lowering the monthly amount to 2000 dollars but allow her adult daughter to be the caregiver. she wants to know how to proceed to make this offer to genworth."

So your smartass reply: George, If the contract specifically says that "The caregiver cannot be a family member", what is it about the words "family member" that your policyholder doesn't understand? doesn't answer their question if GE would amend or replace the policy to allow family members at a reduced benefit. Granted they did forget the question mark so maybe you didn't realize it was a question but newer policies do allow it so why would it be such a stretch for someone to inquire if it's possible?? I don't know which is why I didn't respond but that didn't stop you.

FWIW: I read it the same way: They want to negotiate a $3000/mo No family member contract down to $2000 with Family member support. It's a fair question.

 

[Arthur Rudnick]

Let me try and give you an answer that you can understand. I'm not sure what your expertise is, but it's most likely not long term care insurance.

Possibly you can give me an example of where after a client is issued a policy, a policyholder can then re-negotiate the contract to their benefit?

Maybe after a policyholder goes on claim with a $3,000/month policy and a 4-year benefit period they can "re-negotiate" with the carrier to pay $6,000/month for 2 years?

How about after someone goes on claim they can request the company to pay for an in-ground swimming pool because swimming might help their arthritis? You can argue that it can be taken out of the alternative benefit.

I always thought "The contract was the contract", but after 16 years in the business maybe I'm wrong.

Please explain to me why a company that clearly states in their contract that they will not pay for a family member to provide care, would be willing to negotiate those words out of the contract?

So, you being the Guru that you're listed as, wants to know:
"would GE amend or replace the policy to allow family members at a reduced benefit."

That's a pretty funny question coming from someone making a post on a long term care insurance board, who one would assume knows about the product they're posting about.

First of all, Genworth hasn't been GE for about 6 years (but why would you know that?) and #2, the answer to your question is "NO".

Now before you come back to me with an answer, why not pick up the phone, call Genworth's claim department and ask them that same question?

Please let us all know what their answer was.