Getting Lump Sum Balance from Genworth LTC

[joefhinson]

My mother has about an $80,000 balance in a Genworth LTC account. How can she retrieve that lump sum? Genworth says it's only available through monthly payments.

Joe Hinson
Charlotte, NC
704-907-8065

 

[Arthur Rudnick]

originally posted by joefhinson

My mother has about an $80,000 balance in a Genworth LTC account. How can she retrieve that lump sum? Genworth says it's only available through monthly payments.

If there is money left in your mother's benefit account, the only way that payments by a carrier would be made is if your mother qualified for benefits under the policy. They will then pay up to her monthly benefit until her benefits are exhausted.

There is no way for her to receive a lump sum of the balance.

 

[yankee466]

Too bad it was not a GNW TLC plan, as opposed to a GNW LTC plan.

You could get a lump sum when you pass if the DB was not exceeded.

 

[csalter]

I am sorry because perhaps I am not understanding. You mother has a balance and you seem to expect to get the money that is left over in the account? Is there anything in the policy that makes you feel she can get her money back? Is there something that states she gets a return of premium?

The Genworth LTC policy that I have promises a certain amount each month only if I am receiving care for one of the ADL's (helping with bathing, eating, going to the bathroom, etc.)

You need to understand that your mother bought an insurance policy that if needs be she if she needs care, her care can by far exceed the amount of money she has paid for her policy. I would recommend that you read her policy in full to ensure that she has been and is getting what she paid for. In particular, make sure that you do that to protect your mom because as she gets older she may not be as aware of the details as there are lots of details in those policies that can be overlooked.

My mother has about an $80,000 balance in a Genworth LTC account. How can she retrieve that lump sum? Genworth says it's only available through monthly payments.

Joe Hinson
Charlotte, NC
704-907-8065

 

[CALTCAgent]

My mother has about an $80,000 balance in a Genworth LTC account. How can she retrieve that lump sum? Genworth says it's only available through monthly payments.

The benefit of the LTC plan is that you can't retrieve the lump sum. That way you can get the maximum financial leverage for Long Term Care.