Long Term Care Premiums in CA

[csalter]

Hello All,

I have not posted here in a while. I have been busy with life. I just had a couple of questions.

First, have the costs for long term care insurance with Genworth increased in the last few years. I am just wondering because I know that California is funny about increases. If they have, have all of their policies changed?

The second question is that I have a policy with Genworth in California but have decided to move to Texas when I retire. Are the California benefits able to be used in Texas? I have a partnership plan.

 

[ltcadviser]

Hello All,

I have not posted here in a while. I have been busy with life. I just had a couple of questions.

First, have the costs for long term care insurance with Genworth increased in the last few years. I am just wondering because I know that California is funny about increases. If they have, have all of their policies changed?

The second question is that I have a policy with Genworth in California but have decided to move to Texas when I retire. Are the California benefits able to be used in Texas? I have a partnership plan.

No Partnership reciprocity between CA and TX, but so what. No big deal.

You have a 10 Pay with about 6 payments left, correct. Just finish your 10 Pay. Nothing else to think about or be concerned about. You have great benefits at a ridiculously low premium on a limited pay plan. You have 5% compound inflation. And your wife and you are relatively young, especially your wife if my memory is good.
I think she might have $45000 month in benefits when she is 80. So, just fund the plan. You will never need Medicaid help in Texas with the benefits you own.

 

[csalter]

No Partnership reciprocity between CA and TX, but so what. No big deal.

You have a 10 Pay with about 6 payments left, correct. Just finish your 10 Pay. Nothing else to think about or be concerned about. You have great benefits at a ridiculously low premium on a limited pay plan. You have 5% compound inflation. And your wife and you are relatively young, especially your wife if my memory is good.
I think she might have $45000 month in benefits when she is 80. So, just fund the plan. You will never need Medicaid help in Texas with the benefits you own.[/QUOTE

Thank you for the feedback. I guess as long as I can use the benefits in Texas, that's what's important.

I know that I may not be affected by increased rates unless they do it before my policy is fully paid for, but has Genworth increased their rates in California?

 

[Mr_Ed]

Thank you for the feedback. I guess as long as I can use the benefits in Texas, that's what's important.

I know that I may not be affected by increased rates unless they do it before my policy is fully paid for, but has Genworth increased their rates in California?

This should help:

Long Term Care Insurance Rate Increases California

 

[ltcadviser]

No Partnership reciprocity between CA and TX, but so what. No big deal.

You have a 10 Pay with about 6 payments left, correct. Just finish your 10 Pay. Nothing else to think about or be concerned about. You have great benefits at a ridiculously low premium on a limited pay plan. You have 5% compound inflation. And your wife and you are relatively young, especially your wife if my memory is good.
I think she might have $45000 month in benefits when she is 80. So, just fund the plan. You will never need Medicaid help in Texas with the benefits you own.[/QUOTE

Thank you for the feedback. I guess as long as I can use the benefits in Texas, that's what's important.

I know that I may not be affected by increased rates unless they do it before my policy is fully paid for, but has Genworth increased their rates in California?

Yup