Genworth climbing my dad’s long-term care insurance coverage 55% — on the lookout for knowledgable recommendation/potential recourse

By | May 13, 2019

My dad turned 75 final 12 months, and this 12 months his LTC premium goes from $1840/yr to $2873.75/yr. The notification letter is stuffed with the sort of BS normally accompanying big insurance-rate hikes (“because of larger than anticipated mixture policyholder declare prices”), say they count on one other 150% in will increase over the subsequent few years, and provides “choices” that embrace paying 3x as a lot now and having the elimination interval (how could days of care out-of-pocket earlier than they begin paying) double or triple, however locking that fee in for 9 years, or paying the identical quantity as we’re paying now, however having the profit interval finish after three years as a substitute of 4, whereas additionally having the every day max drop by 35%. My of us have had this insurance coverage for the reason that early 2000s, my mother died in 2015 having used precisely three days value of LTC — they reduce us a test for $1226. They’ve paid in additional than they’ll ever declare. (My dad is wholesome as a horse and is extra more likely to drop useless constructing a barn than to enter a gradual decline — though I do perceive that may’t actually be predicted.) Is he simply boned, or do we have now any recourse? I am planning to name Genworth this week and have a dialog with somebody about these info. Anyone with expertise (particularly anybody who works for LTC insurance coverage suppliers or anybody with an identical expertise or expertise with Genworth) have any recommendation about the perfect tack to take with them? submitted by /u/100WattWalrus [link] [comments]