ProGolferWannabe
Recycles dryer sheets
- Joined
- Jan 14, 2012
- Messages
- 141
Just got my annual bill and notification of premium increase for my LTC policy from the bastards at Genworth today. I’ve had the policy for 17 years, and for the past 7 years or so, they have been either increasing the policy and/or giving me the option to reduce benefits to offset the premium increases. The original policy was $1800 per year. The increase this year was 34% going from $3087 per year to $4137 per year. Of course there are no guarantees that they won’t continue to increase rates.
I understood that premium increase were possible when I bought the policy…fair enough…I agreed to absorb that risk, but the policy has increased 129% in price since I purchased it 17 years ago and my elimination period went from 180 days to 365 days. These were not the kind of increases I had expected. Live and learn I guess.
It is pretty clear that they are encouraging me (and all the other policy holders in the group) to drop the coverage. I would consider keeping it even with the price increase just to piss them off (ha) but I can only afford so many 34% annual increases. If I drop the policy, the good people at Genworth will provide me with the long term care coverage in the amount of $39,000 should I need it….the value of the premiums I paid in.
I truly hate the people at Genworth.
I understood that premium increase were possible when I bought the policy…fair enough…I agreed to absorb that risk, but the policy has increased 129% in price since I purchased it 17 years ago and my elimination period went from 180 days to 365 days. These were not the kind of increases I had expected. Live and learn I guess.
It is pretty clear that they are encouraging me (and all the other policy holders in the group) to drop the coverage. I would consider keeping it even with the price increase just to piss them off (ha) but I can only afford so many 34% annual increases. If I drop the policy, the good people at Genworth will provide me with the long term care coverage in the amount of $39,000 should I need it….the value of the premiums I paid in.
I truly hate the people at Genworth.