If you have been subject to a GenWorth long term care premium increase or to an improperly denied claim seeking long term care coverage, you could have a legal case.
Consumers who choose to pay for long term care insurance expect that coverage to be there when they need it. Some policyholders who realized their incomes would be static after retirement also paid riders that ensured lower premiums after 10 years or upon turning 65 years old. Despite this assurance, these policyholders are reportedly seeing large increases in their premiums.
If you have seen a GenWorth long term care premium increase, you might be surprised to learn GenWorth has a full team of staff members dedicated to increasing long term care premiums and reducing long term care benefits, according to Thomas McInerney, GenWorth’s president.
According to a Feb. 8 article published by ThinkAdvisor.com, long term care insurance policies that were sold in the 1990s usually offered lifetime benefits. GenWorth and other long term care insurance providers now sell policies that most often cover a maximum of five years in a long term care facility.
GenWorth Long Term Care Premium Increase for Less Coverage
Seniors are finding themselves paying more for less coverage. Today, Americans are living longer than ever, but those later years might find many seniors needing help with bathing, dressing, eating and other daily necessities. Long term care insurance is intended to help pay for the care needed at a nursing home or similar type of facility, including an assisted living facility.
Long term care in a nursing home or assisted living facility can cost more than $90,000 per year. Seniors are well aware that their incomes will become limited, and long term care insurance provides peace of mind that their future needs will be covered.
Unfortunately, following through with long term care coverage is not to the fiscal advantage to insurance companies.
GenWorth is in the process of being sold to a Chinese real estate and finance company, China Oceanwide Holdings Group Ltd. GenWorth is looking to find $600 million in debt that is due in May of this year, but McInerney insists the company had a stellar 2017.
One of the reasons McInerney is confident GenWorth is doing well is because of the GenWorth long term care premium increase, which is part of a multi-year rate acceleration plan.
Other companies under investigation include MetLife, MassMutual, Cigna, John Hancock and Continental Casualty.
If you have a long term care premium that has increased, you may feel pressure to sacrifice your savings to pay the new rate, cut your benefits to keep your premiums the same, or cut your losses and drop the policy.
If you believe your Genworth long term care premium increase was unfair or if you were denied a valid claim, you could have a legal claim.
Join a Free Long Term Care Insurance Lawsuit Investigation
If you or your loved one were subject to an improper premium increase or an improper claim denial, you don’t have to take on the insurance company alone. You may have a legal claim.
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35 thoughts onGenWorth Long Term Care Premium Increase or Denied Claim Could be Challenged
After paying for years they are now systematically cutting original promised benefits and raising premiums so as to force you to surrender your policy. Expected LTC security has vanished. You now feel like a fool for trying to do the right thing years ago and trusting them. CRIMINAL !
Sign me up for a class action regarding Genworth Long Term Care policies for my husband and myself. The increases are outrageous and I fear if the company is sold, it will be worse.
As I read the settlement, the only benefit to non-named class members is the coverage/premium options… All the money goes to the 3 named members and attorneys… Am I reading that correctly?
I can say ditto to just about every comment. Blatant age discrimination! Fortunately I just received papers that a Class Action suit has started!
We are interested in learning how and when you will proceed with this class action lawsuit. Pls reply
My father in law has paid his 2 policies for him and his spouse fore over 21 yrs. his wife died without ever using her policy. He looked through his paperwork from agent that sold him policy and there was a survivorship clause that stated he did mot have to pay for his policy since she never used hers it rolled to him. He contacted Genworth and the customer service rep stated that this was true. Then a month after he lost his spouse of 40 yrs they called him to notify him that since he had not paid his policy that he no longer has long term care coverage. My wife and him have been trying to work with them to get this corrected. He has paid over $45,000.00 to this company over 20 yrs. 3 wks ago he landed in hospital and now he will require long term care and they refuse to pay for anything. This company should be shut down the people in charge should be put in prison for bilking the elderly of their money knowing they are never going to pay a dime to pay for their customers long term care as they promised their customers all along. How do companies like this exist? Aren’t there government agencies out there that are meant to protect its citizens from unscrupulous “FAKE INSURANCE” companies that do not pay for the services they promised their customers.”THIEVES AND CRIMINALS THAT I HOPE SOMEDAY ARE FORCED TO REAP WHAT THEY HAVE SEWN FOR EACH AND EVERY PERSON INVOLVED WITH THIS SCAM OF AN INSURANCE COMPANY”
We are interested in a lawsuit. The premium increases are terrible, and my husband would like to leave the plan, but we want all his premiums back. Is that possible?
Now they are charging him a surcharge to prop up policy holders from ANOTHER insurance company which went bankrupt in California. A strange CA law allows them to recoup their pooled bailouts of other companies from their own customers. This is crazy!
Where is the information to join in a lawsuit against Genworth Long Term Ins.???
2 yrs. ago our premium raised to a level we couldn’t afford. We optioned to drop the 5% guaranteed inflation to lower our premium. NOW an increase again and for us to keep the policy at a premium we can afford, we would lose the home Care part. To us that was the most important as Care at home before all else most important to us! We are not going to pay any further premiums and Genworth is a fraud. Where can we join a lawsuit? HELP!
Started my Genworth Long term Care Insurance at the age of 45 in New York, NY. Told it was not likely that the premiums would ever increase. It was GE! Now $85, 500 later, I have to take a paid up policy at age 71 when I will need it the most. This is criminal! This company has misrepresented, for years, what it was doing to the public.
My premiums increased from $1800 to $2400 a quarter!! This is a shady, unethical business practice. I want a class action lawsuit against this company. They are running me dry and have zero faith in them when I will need it in the future.
pardon the skepticism, are you doing the class action or just fishing for interest?
How many years have you been doing this without beginning the action? if it has begun, what is the time frame?