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Post Info TOPIC: Long Term Care Insurance.


RV-Dreams Family Member

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Posts: 678
Date:
Long Term Care Insurance.


There was a previous thread with this title, but the last post was in Oct 2015 ... having been "trained" to start new threads, here goes.  In the old thread, Howard expressed his thoughts as to what options might be available should the price go up substantially.  He pointed out several bad things that could happen to all the money you had paid in.

What just happened to me is that there was a substantial increase in our LTC premium.  From $5K per year to $7.5K ... a 50% increase!  However, I am with Genworth and these are the three options I was given.  (1) pay the increase and retain the same coverage. (2) pay the same premium but reduce the coverage.  (3) cancel the policy but all premiums paid in would be held in a "paid up" policy having the face value of the premiums.  These were all very fair, and there was never any exposure to "lose what I had already paid in".  We have a fairly "rich" policy, which accounts for how expensive it is.  We elected to pay the increased premium and retain the current coverage.  If at some future date, they increase the rates again, I can look at how much paid up insurance we would have at that point, and elect the paid up option.  I don't know if all LTC insurers treat their customers this way, but Genworth does. 



-- Edited by RonC on Sunday 25th of December 2016 04:02:54 PM

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Ron and Janice

 

2016 Ford F350, King Ranch, DRW, 3.73's, 4x4, CC, 6.7 Powerstroke, remote control air lift system

2017 K-Z Durango Gold 381REF (41 ft, 5 slides), MORryde IS, 8K Disc brakes, GY G114  LR H Tires, 26,890 lbs CGVW

Full Timers class of 2016



RV-Dreams Family Member

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Posts: 289
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I guess it was not across the board with Genworth. I just logged on to our account and our next payment (automatic draft) is set to be the same amount it has been since an increase in March of 2015. When did your premium(s) go up?

Rob



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2012 F350 DRW Lariat 6.7

PullRite OEM 18K, Demco Glide Ride pinbox

2016 Grand Design Reflection 337RLS

MOR/ryde IS, disc brakes, LR G tires

Full-time as of 8/2015

 

 



RV-Dreams Family Member

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My mother paid much more to her LTC company than they paid out, over 20 years of payments and around 10 months of payments before she died at $70/day. $70/day was about 1/3rd of her need. She might have broken even at the full 24 months of maximum benefit. Even then, they were a pain to deal with on payments. They wanted specific documentation each month and somehow they often lost the first fax, so a resend was needed. They automatically took her premium from her checking account, but sent a check when they paid. Talking to the assisted living place, they did not recommend any LTC policy, since none had behaved well for their residents. My mother's policy was from PenTreaty.

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Bill Joyce,
40' 2004 Dutch Star DP towing a 2012 AWD Chevy Equinox
Journal at http://www.sacnoth.com
Full-timing since July 2003



RV-Dreams Family Member

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Posts: 678
Date:

Second Chance wrote:

I guess it was not across the board with Genworth. I just logged on to our account and our next payment (automatic draft) is set to be the same amount it has been since an increase in March of 2015. When did your premium(s) go up?

Rob


I did not get an increase in 2015.  This is the only increase I have had since I started the policy eight years ago.  My premium increase is effective the 9th of January 2017.  May have to do with the policy type or my age group, or a combination of those things.  I just turned 70 so they may view me as a higher risk than I was before.  They did send me a very detailed letter explaining the increase and stating that it was due to the overall costs of administration of these policies not due to anything related to my individual circumstances.  The implication was that everyone in the "group" that I was in experienced the same increase.  



-- Edited by RonC on Sunday 25th of December 2016 04:16:08 PM

__________________

Ron and Janice

 

2016 Ford F350, King Ranch, DRW, 3.73's, 4x4, CC, 6.7 Powerstroke, remote control air lift system

2017 K-Z Durango Gold 381REF (41 ft, 5 slides), MORryde IS, 8K Disc brakes, GY G114  LR H Tires, 26,890 lbs CGVW

Full Timers class of 2016

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