did genworth approach you? interested in how this works (for my parents)IDK, I'd have to see the rates, but I suspect they'll be a shock to potential purchasers. We got LTC a bit over a decade ago and we have about that long to full retirement. DW has a 5-year John Hancock (good rating) policy with good coverage and she is currently paying about $1700 a year. I have a 3-year policy from Genworth (crappy rating) with OK coverage and I'm paying $2100 a year. I got mine a year later than she did, but by then John Hancock had already stopped selling LTC and worse coverage from Genworth for more money was all I could get. Nowadays nobody we know is buying LTC.Wow. I did not think about that. So maybe someone who is younger should start paying into LTC for their old age?
Genworth has already offered to refund ALL of the premiums paid to get out of the contract and they have other programs to lower benefits and so on to reduce their exposure to the LTC market. The problem is that I've only paid in about $14k (the premiums were originally lower) and for that I'm not likely to give up insurance that would be the difference between DW being financially set or just scraping by like my mother was.
Statistics: Posted by MSO4PRN — Thu Aug 22, 2024 9:27 pm — Replies 59 — Views 7152