Genworth LTC Insurance Changes

[Mr_Ed]

I know that Genworth was supposed to raise their rates. However, does anyone know if that has occurred in California yet. I had a colleague of mine get a quote for him and his wife for long term care. He and I are the same age. I was surprised to see that his premium was not that different than mine and he is buying his at an older age. I gave him my policy so that he could get an idea of what it's all about and used that to get the same benefits.

It seems as if Genworth's increases were minimal for the customer.

i suspect the quote he was given was for the AARP/Genworth policy and not the California Partnership/Genworth policy.

 

[csalter]

i suspect the quote he was given was for the AARP/Genworth policy and not the California Partnership/Genworth policy.

Are there differences in the policies so that the AARP folks get a better deal?

 

[Mr_Ed]

Are there differences in the policies so that the AARP folks get a better deal?

it's not a better deal.
it's just a different policy.

the AARP/Genworth policy is NOT a California Partnership policy.

since it's not a California Partnership policy it can have an inflation benefit that is less than 5% compound. Therefore it could be cheaper--but it's not cheaper because it's a better deal, it could be cheaper because it can have lesser inflation benefit growth.

 

[trustandadvice]

Genworth ratings downgrades keep getting worse.

 

[ltcadviser]

Genworth ratings downgrades keep getting worse.

Having fun trolling old threads, are we?

 

[trustandadvice]

Having fun trolling old threads, are we?

Specializing in old fine wines! -hahahahaha