GE and GENWORTH INSURANCE CO.'s RIPPED ME OFF- LONG TERM HEALTH CARE POLICY
THE KUHNS REPORT
LAS VEGAS - Hello America, and how is the world treating you?
I think one of the biggest scams out there across the country is the LONG TERM HEALTH CARE insurance policies that people are talked into purchasing.
Let me give you an instance from my own experience:
When I was sixty-three (63) years-old I thought I would be doing the right thing in buying a Long Term Health Care policy to protect me in event I ever suffered an illness that may have to be treated for long term. The salesman said the policy would help me pay my medical bills since Medicare and/or Social Security would not cover Long Term Health Care. He went on to say that if I purchased the Long Term Health Care policy now, at 63- ears-old the premium rate would be much, much lower that if I waited a few years. At the time of purchase I asked the sales person if the premiums would be increased as I got older. I told him I did not want that to happen and that is the only reason I would purchase the policy now at 63-years-old. His reply:"The premiums on Long Term Health Care policies very seldom increase.Chances are they won't because this company General Electric, has a world wide reputation." ""Everybody knows GE" So, with that assurance I signed for the Long-Term Health Care policy with:
Daily Payment Maximum: $130.00; Benefit Multiplier: Unlimited. I had the policy set up so that the monthly premiums of $220.05 a month would be automatically deducted from my checking account. (EFT-Electronic Fund Transfer)). I did that so I would not miss any premium payments.
Folks, I paid and paid those premiums for years. The Insurance Company regularly collected those premiums from my checking account for years. Hell, I was in good health and never, ever had to use the policy for Long Term Health Care. Like the salesperson told me at time of purchase: "It's good insurance in the event you every do require Long Term Care." During the years of paying these premiums, GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY sold out to: GENWORTH FINANCIAL .
When Genworth Financial took over my policy from GE they sent me a letter notifying me of takeover and told me that nothing will change. They went on to say that I did not have to do anything. They told me my premiums would continue to be automatically collected from my checking account each month and my premium rate would not change either.
The monthly payments were collected, like clock work, by GENWORTH for years. The years rolled by and I thought I would have protection should I ever require Long Term Heath Care in my lifetime. By this time, I had paid over THIRTY-THOUSAND DOLLARS to GE and GENWORTH for any needed Long Term Health Care coverage Then, in 2014 when I was years older. GENWORTH INSURANCE COMPANY send me a letter saying they're going to increase my monthly premiums The outrageous figure they quoted me was something I could not afford. They also said that i would not have to do anything because they would continue automatically deducting the new increase from my checking account. I contacted the company and advised them I could not afford the new monthly premium.
People, I had to cancel my policy. I could not afford the costly increases that GENWORTH intended to charge me. They took me for over THIRTY- THOUSAND DOLLARS. I came to find out that these insurance companies that sell Long-Term Health Care protection pulls this (what I call) a scam on a regular basis. They collect thousands of dollars from the policy holder(s) through the years and then as the policy holder ages the insurance company raises the monthly premiums to the point where the person cannot afford to pay to keep the policy in force. When the person gets older they may need the policy. However, the insurance companies pay their so-called shell game and advise the policyholder that their monthly premiums are going up.
As a side note: From some basic research it appears that some of these Long Term Care insurance companies raise the premiums over and over again on the policyholder.
Talk about a racket! If there was ever a case for (RICO) the racketeering law that brought down many crime bosses for running a racket you can bet these Long Term Health Care insurance companies appear to me to be the poster child of such racketeering.
And, guess what? Congress and lawmakers in Washington and the states across the country allow these insurance companies to pull this maneuver on the elderly without any repercussions whatsoever. It appears to me that the big lobbyists of the insurance companies dump millions, if not billions of dollars into the pockets of these Washington lawmakers so that they can continue to raise monthly premiums on the elderly. And. as always, Congress and lawmakers say greed is good (for them) and take the lobbyists money even at the expense of the elderly.
My suggestion would be that lawmakers and Congress mandate that once the individual signs up with the insurance company for a specific monthly premium amount that agreed premium remains in tact until the benefits are drawn upon by the policyholder. Folks, individuals buy these Long Term Health Care policies when they are young BECAUSE the premiums will be much lower than if the person waited until later in life so as to fall into a much higher age bracket. Further, I submit that if a person buys a Long Term Health Care policy early in life and never uses it for years, or even decades the insurance company should be prohibited by law from increasing that individuals monthly premium. Clearly, if a person uses the policy and abuses it it over and over again, then yes, raise that persons premiums.
If in fact, if the insurance company wants to increase premiums let them increase the premiums for all new policy holders who want to initially buy such policy. The burden of monthly increases should not be on the people that had bought a Long Term Health Care policy years before believing they received a reasonable monthly premium until such time as they may need to activate the policy years later.
Personally, I felt cheated and ripped off to the tune of THIRTY THOUSAND dollars by General Electric and Genworth Insurance companies. If someone, anyone, ever asked me about long-term health care insurance policies I would tell them of my bad experience I had with these two companies and would advise people to consider my dreadful experience with them before they even though about purchasing a policy - -unless they had more DOLLARS than SENSE.
In closing; I have read of horror stories like mine where a person bought a policy years before and when the person aged into their 70,'s 80's and even 90's the insurance companies raised their premiums by a $1000.00 or more. I ask you? Who could afford to be paying $300, $400, $500, $600.00 a month believing they're covered and then receive a letter from the insurance company telling them that their monthly premium will now be increased an additional thousand dollars or more a month? Answer ? They can't. So they have to cancel and drop their policy losing possibly tens-of- thousands- of- dollars, like I did. And, that's my opinion. Make your own decisions. You decide.
BRADLEY W. KUHNS, Ph.D., O.M.D.
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Dr. Kuhns can be reached by email at:
bradleykuhns@gmail.com
