I own a Genworth 10 Pay myself. Will be happy when it is paid in full. Like to at least get 5-6 years in before I have to sweat a rate increase.
Genworth LTCI Sales “disappoint” in 2Q
- Thread starter Brian Anderson
- Start date
I own a Genworth 10 Pay myself. Will be happy when it is paid in full. Like to at least get 5-6 years in before I have to sweat a rate increase.
Arthur Rudnick
Guru
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previously posted by csalter
International Coverage: This Benefit will pay for Covered Expenses You receive while You are outside the United States. Subject to the Coverage Maximum, it pays: up to 50% of the Nursing Facility Maximum for confinement in an Out-of-Country Nursing Facility; and 25% of the Nursing Facility Maximum (for no more than 365 days) for care at Home. This Benefit terminates four years after the date for which it first makes payment.
I certainly hope that you didn't buy a CA Partnership policy with the anticipation of using it out of the country? In addition to the above definition, in order for you to be eligible for Medi-Cal, you would have to return to the states in order to protect your assets.
International Coverage: This Benefit will pay for Covered Expenses You receive while You are outside the United States. Subject to the Coverage Maximum, it pays: up to 50% of the Nursing Facility Maximum for confinement in an Out-of-Country Nursing Facility; and 25% of the Nursing Facility Maximum (for no more than 365 days) for care at Home. This Benefit terminates four years after the date for which it first makes payment.
I certainly hope that you didn't buy a CA Partnership policy with the anticipation of using it out of the country? In addition to the above definition, in order for you to be eligible for Medi-Cal, you would have to return to the states in order to protect your assets.
I don't think csalter bought the policy with Medi-Cal in mind. Fairly certain he has the asset base to write his own ticket in life.
I placed that information on International Long Term Care on the wrong thread. I remembered a thread where someone wanted to know if there was any company that provided LTC to you if you were out of the country. I read that and thought it may be good to share.
For the record, I bought the CA Partnership policy because for what I wanted it was not going to cost me any more to get the partnership policy. I bought it for two reasons. Although if I do retire from my job and my pension is what it's supposed to be, I will never have to worry about Medi Cal because I won't be eligible. However, things can happen in life. Nothing is guaranteed. I have six more years to go. If I for some reason have to pay for care and go through savings, I won't to make sure that some of my assets will be protected. One never knows. It's just a part of my overall plan. Secondly, in CA the partnership policies have never increased their rates. There have been some group and individual policies that have had rate increases, but not the partnership policies. So in my opinion there was nothing to lose.
If I had to do it all over though, I would have done one other thing. I received quotes from a various insurers, however, I never got a quote from NYL. I wish I had done that as I heard that they had very competitive prices in California. I was told that they were a lot more expensive than Genworth. I should have followed my mind on that and had one of their people come over and give me a quote. Oh well.
For the record, I bought the CA Partnership policy because for what I wanted it was not going to cost me any more to get the partnership policy. I bought it for two reasons. Although if I do retire from my job and my pension is what it's supposed to be, I will never have to worry about Medi Cal because I won't be eligible. However, things can happen in life. Nothing is guaranteed. I have six more years to go. If I for some reason have to pay for care and go through savings, I won't to make sure that some of my assets will be protected. One never knows. It's just a part of my overall plan. Secondly, in CA the partnership policies have never increased their rates. There have been some group and individual policies that have had rate increases, but not the partnership policies. So in my opinion there was nothing to lose.
If I had to do it all over though, I would have done one other thing. I received quotes from a various insurers, however, I never got a quote from NYL. I wish I had done that as I heard that they had very competitive prices in California. I was told that they were a lot more expensive than Genworth. I should have followed my mind on that and had one of their people come over and give me a quote. Oh well.
NY Life only offered coverage to applicants age 50 and older in CA. I seem to recall your wife being under age 50. She could not have been underwritten. You got the best policy for your situation. Do not have any regrets.
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