Genworth Long Term Care Insurance Review

#10 in Long Term Care Insurance

Genworth Life Insurance is rated A or “excellent” by AM Best, reinforcing its stature as a financially stable company that is able to deliver its present and future promises. Premiums on its long term care insurance may not be on the cheaper side of the scale but it continues to provide solid insurance solutions at competitive prices. This is why it comes as no surprise why Genworth’s Long Term Care Insurance is rated as among the top long term care insurance providers in the country today.    

 

Premium

Annual premiums for 3 year maximum benefit period plans for 60 year olds are around $1000 which is 50 percent higher than the lowest similar plans reviewed. And its $100 daily benefit is at par with industry standards.

Inflation-protected plans go for around $2000, doubling yearly premiums for 3 year maximum benefit period policies. This however, is still lower than similar inflation-protected premiums. Opting for an inflation protected plan provides doubles the cash benefits of similar non-protected plans.

 

Plans Available

 

State Partnership

Yes

Individual

Yes

Group

Yes

Non-tax Qualified Policies

Yes

Tax qualified Policies

Yes

 

Genworth is one of the few companies that offer a comprehensive line up of plans that include State Partnership policies. State partnership policies are those that combine private and state (Medical Extended Coverage) coverage to provide a more robust long term care solution. A policy with MEC for example could help pay for the cost of long term care. 

 

Types of care covered

Assisted living

Nursing home care

Hospice care

Adult day care centers

Home health care

 

Benefits

Waiting Period

Maximum Benefit Period – 10 years

Home care – 100 percent cover

 

Financial Rating

A.M. Best – A

 

(The company has demonstrated superior overall performance and has a very strong ability to meet its obligations to policyholders over a long period of time.)

 

Summary

Having a financial instrument that helps secure your future is invaluable. This is why choosing a financial stable company such as Genworth Long Term Care insurance is important in safeguarding your medical benefits when the time comes. Genworth’s premiums may not be the best in terms of pricing but having the peace of mind that you’re policy will be able to deliver its promises is essential. With so many insurance companies both big and small withdrawing their long term insurance, working with a company that specializes in this type of insurance will always be a good choice. 

 

 

 

 

Latest Reviews

Start your review for Genworth Long Term Care Insurance
K
K.D. Swamy
Huntington Beach, California
Genworth Long Term Care Insurance review
11/15/2016
It is been taken over by "China Oceanwide" and the premiums were increased by 30% in Late 2016.

G
giorgi
Schererville, Indiana
Genworth Long Term Care Insurance review
10/10/2016
They increased our policy without warning by 50% starting in December of 2016 after 7 years of participation. I would not recommend them. You must get the maximum annual increase in writing which obviously we did not do and they took advantage of it.