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tony

Long Term Care Insurance Question

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Virginia Retirement System is offering a long term care insurance through Genworth Financial. If anyone could direct me to some truthful and unbiased info on this subject It would be greatly appreciated. I simply don't trust insurance companies and don't want to go into this ignorant as I did when I opened my first 403b account years ago. I do remember reading that consumer reports doesn't necessarily think buying these policies is a very good idea.

 

Thanks

 

Tony

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Tony -- Long time no see!

 

My mother had Genworth LTC insurance, and as in so many cases, the insurance paid out FAR less than she paid in. They were difficult to work with, to say the least, and in the end they had to pay us an extra percentage because they took so long to pay the claim; this is the law in Maine. ANyway, when you send stuff in for the claim, you send it to North (or is it South?) Carolina, it gets scanned into their computers (if the staff gets around to it) and then the people y ou talk to, who make decisions, are in CA. They have no access to the original data or a paper file, and that can (and did) make a mess of it all. After dealing with them again and again and again, I wrote a LOVELY letter to the CEO with some BRILLIANT suggestions about some changes that would make things more efficient and user-friendly. All I got was a call from the sales department. Apparently that's as far as the letter got. Not happy7. Would never again do business with this company.

 

Am I being too vague?

 

JudyS

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Good to hear from you Judy. Keep up your insightful posts. I just forwarded your post to some friends who where on the fence with Genworth. This really reminds me of my 403b journey years ago. This time I'm singing "Won't Be Fooled again" to myself.

 

 

Tony

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Tony

 

 

Tony --

Long term care is so complicated; you have to assess your risks and then just jump in -- or not. In our family, 3 of our 4 parents have landed in a nursing home... we're not sure what's going to happen with the 4th. But my FIL was in a nursing facility for about 8 years. Almost no LTC policy would cover that length of stay (I THINK), so a person like this would end up on Medicaid anyway. My father got his LTC policy when he was older and alread ill, so it covered just a year. He used it all and still ended up on Medicare for the last few days of his life. And my mom was as I told you before. That was a confusing case because she was hospitalized several times, each followed by nursing home for a while (which is covered by Medicare for a short period of time) and once -- or was it twice? -- in assisted living. The records needed by Genworth were huge, and they couldn't really figure it all out.

 

My husband and I have decided to put our heads in the sand. Maybe not wise, but we won't know 'til the end.

 

Best wishes as you try to figure this out...

 

JudyS

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