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Based in Richmond, Virginia, Genworth helps older adults prepare for both retirement and long-term care. In addition to being a leader in the issues of aging, Genworth offers a traditional long-term care insurance policy to those aged 40-70.
In this guide, we’ll take a closer look at Genworth’s traditional long-term care policy and some of the additional benefits to keep in mind when choosing care.
Industry leadership: Genworth has more than 1,100,00 policyholders with over $18.4 billion in paid claims for long-term care insurance. The provider wrote its first policy in 1871 before becoming a public company in 2004.
Optional riders: Genworth offers optional inflation protection and informal care riders, as well as other additions to their policies.
Room and board: Long-term care policies from Genworth will pay for room and board as well as care.
High monthly maximum benefit: With Genworth, you can choose from high monthly maximum benefit amounts to pay for their covered services. Amounts range from $1,500 to $9,000.
Shared benefits: Genworth’s long-term care policy offers the option of shared benefits for couples or partners. With this optional rider, you and your spouse can choose to share your coverage maximum if one person needs more costly care than the other.
Couples discounts: Instead of opting for an expensive individual long-term care insurance policy, you can pay lower premiums when you and your partner apply for coverage.
Refund of premiums: Should you pass away before age 65, the full amount of premiums that are paid out will be refunded to your beneficiaries.
Premium increases: Premiums for a long-term policy through Genworth may increase at any time.
No death benefits: Unfortunately, the long-term care insurance policy offered by Genworth doesn’t include death benefits for beneficiaries.
Requires medical exam: Part of the application process requires undergoing a medical exam and interview.
Genworth currently offers one long-term care insurance policy: Privileged Choice Flex 3. Issued to those between 40 and 70 years of age, this policy can help cover the costs of assisted living, nursing homes, or other forms of long-term care. To qualify for this coverage, a policyholder must receive a written confirmation from their health care provider stating that they are unable to perform two out of six activities of daily living.
Depending on your preference, this policy can have monthly benefit amounts from $1,500 to as $9,000. You can also choose to add an inflation protection rider to continue growing your daily or monthly coverage maximum amounts for long-term care. Other benefits of this policy include shared benefits for spouses and discounts for couples.
Genworth Long-Term Care Insurance Costs
With a wide range of monthly benefits and optional riders, the cost of a Genworth long-term care policy will vary; however, you can expect to pay at least $150 per month. This cost is also likely to increase with time, as Genworth is notorious for raising the rates on their premiums. The company also doesn’t offer locked-in rates, as with other long-term care insurance providers.
How Genworth Long-Term Care Insurance Works
To qualify for benefits, an insured individual needs to have a plan of care from a licensed health care practitioner. Before benefits for covered long-term care services can kick in, you’ll need to satisfy a 30-, 90-, 180-, or 365-day calendar day elimination period. You would also need a licensed health care practitioner to attest that you can’t perform two of six activities of daily living in order to continue receiving long-term care coverage.
Once all of this is satisfied, your policy will begin reimbursing you for long-term care.
Genworth Long-Term Care Insurance Additional Benefits
With a Genworth long-term care policy, you can choose home and community care benefit options up to the daily or monthly maximum of 50 to 100 percent. Unfortunately, Genworth’s long-term care policy doesn’t include a death benefit. However, your designated beneficiary may receive the full amount of premiums paid if you pass before age 65 and your policy is still in force.
In addition to receiving care for covered long-term care services, Genworth’s Privileged Choice Flex 3 long-term care policy offers the following additional benefits.
Inflation protection: This benefit helps grow your long-term care benefit amounts, protecting them from inflation. A policyholder can choose from compound inflation, simple inflation, or a future purchase option.
Shared benefit rider: This rider helps spouses and partners combine their benefit amounts for long-term care coverage.
Couples premiums and discounts: Couples and spouses who purchase policies may be eligible for a discount for lower premiums.
Bed reservation: Included in your policy is the bed reservation benefit, which helps pay for expenses if you need a bed reserved in a covered facility while you’re temporarily away visiting family.
Refund of premium before age 65: For seniors who pass on before age 65, their beneficiaries will receive the full amount of premiums paid (excluding claim amounts).
Waiver of premium: If you’re receiving covered care, you can opt for the Waiver of Premium to avoid paying premiums during that period.
30-Day-Free Look: If you’re not satisfied with your policy, you can return it within 30 days.
Increase coverage option: You can increase your coverage option on each policy anniversary date up to the maximum amount that’s allowed.
How to Buy a Genworth Insurance Policy
After speaking to a long-term care resources representative, we found that the only way to purchase a long-term care policy through Genworth is by filling out an application, answering a few questions, and getting a call-back interview with a Genworth representative.
Medical records will also be reviewed during this process to determine eligibility and whether you can receive long-term care benefits. Unfortunately, online quotes are not available so you’ll have to speak with a representative or long-term care resources representative not affiliated with Genworth to learn more.
We recommend contacting Genworth at (888) 436-9678 to speak to a customer service representative for more information on long-term care insurance. Alternatively, you can fill out their online contact form, which provides a response within three to five business days.
The BBB gives Genworth a C rating in terms of customer satisfaction. Additionally, the provider is not BBB-accredited, and has had 49 complaints in three years and 21 complaints closed in the last year. According to Consumer Affairs, the overall satisfaction rating for long-term care insurance by Genworth is 2.9 out of 5, despite the company’s historical record for writing its first policy in 1871.
It’s important to select an insurance provider that’s in good financial standing. AM Best, a global credit rating agency, gave Genworth a C++ for long-term care insurance industry ratings. Additionally, S&P Global Ratings affirmed the BBB rating for Genworth Mortgage Insurance Corporation. Lastly, Moody’s Investors Service ranked Genworth Mortgage Insurance Corporation with a Baa2 rating, followed by a BBB+ rating by Fitch, thus showing that the provider could do more to improve its ratings in the future.
Although Genworth only offers one traditional long-term care policy, the company offers significantly higher monthly benefit amounts. Additionally, coverage can pay for room and board, as well as long-term care services for assisted living or nursing home communities.
Similar to other providers, Genworth offers inflation protection, couples discounts, and the option of sharing benefits with your spouse or partner to make the most of your long-term care coverage. However, the customer satisfaction ratings for this provider are lackluster, which might sway some policyholders to go with another provider with more flexible or hybrid life insurance and long-term care policy options.
To learn more about our favorite long-term care insurance providers, check out our helpful guides:
Long-term care insurance varies depending on your age and level of care needed. For example, a 52-year-old male paying $1,700 in premiums each year for his long-term care policy may have access to $509,000 to pay for covered long-term care expenses.