A wave of class action lawsuits alleging unfair practices, including improper premium hikes, lack of risk disclosure, and unfair claim denials, has engulfed Genworth, a major long-term care insurance provider. These lawsuits have resulted in significant settlements, raising concerns about the company’s policies and potentially impacting policyholders.
Key Allegations:
- Unfair Premium Increases: Lawsuits claim Genworth hiked premiums excessively without proper justification or transparency.
- Inadequate Risk Disclosure: Accusations point to Genworth failing to fully inform policyholders about potential policy limitations and future cost risks.
- Unfair Claim Denials: Allegations suggest Genworth unfairly denies legitimate claims, leaving policyholders without essential care coverage.
Significant Settlements:
- 2021 ($137.5 million): Settlement for improper premium increases in long-term care policies.
- Other Settlements: Skochin, Haney, and Halcom cases also resulted in settlements addressing specific disclosure and premium information issues.
Ongoing Impact:
- More Lawsuits Possible: Similar claims against Genworth policies might emerge, impacting future policyholders.
- Policyholder Eligibility: Current Genworth long-term care policyholders may be eligible to join existing or future lawsuits depending on their specific policies and experiences.
| Complete Date | Case | Citation | Court | Short Summary | Key Points |
|---|---|---|---|---|---|
| 2021 | Skochin v. Genworth | N/A | U.S. District Court (Eastern District of Virginia) | Withheld information on rate increase plans and reliance on future payments. | Premium justification and transparency concerns. |
| 2022 | Haney v. Genworth | N/A | U.S. District Court (Eastern District of Virginia) | Lack of specific information in premium increase letters for certain policies. | Disclosure adequacy for specific policy types. |
| 2021 | Halcom v. Genworth Life Insurance | N/A | U.S. District Court (Eastern District of Virginia) | Missing information in premium increase letters for Genworth PCS policies. | Information gaps in specific policy communication. |
| 2021 | Class Action Settlement ($137.5 million) | N/A | N/A | Improper premium increases in long-term care policies. | Financial compensation for affected policyholders. |
Recommendation for Policyholders:
- Review your Genworth long-term care policy documents carefully and be aware of potential issues raised in the lawsuits.
- Consult with an attorney to discuss your legal options and eligibility for joining relevant lawsuits.
Beyond the Table:
The Genworth lawsuits highlight concerns about transparency, fairness, and policyholder protection within the long-term care insurance industry. As legal proceedings continue and potential further lawsuits emerge, policyholders deserve clear communication and assurance regarding their coverage and rights.
