[this week author Dan Taylor is our guest blogger; these are some of his past writings]
Tuesday, March 27, 2007
The Long Term Care Score: Genworth 12,134-------Conseco -1
If the article in yesterday's New York Times is true and Conseco's long term care claims paying strategy is as described by the writer, it looks like Genworth may have a whole new future. No matter what the outcome, it shows you what not doing what you're supposed to do creates. How much money would it take to have bought a front stage story in the New York Times for something your were doing right? Not 1,000,000th as much as what doing something wrong on the front page will cost . In any event, here's a warning shot across the bow for long term care policy owners and perspective purchasers: MAKE SURE THE COMPANY INTENDS TO PAY THE CLAIM!!!!!!
Hiding behind bureaucratic procedures and practices plus the usual organizational incompetencies will not get you mentioned in the Senior's Hall of Fame when it comes to long term care payment practices. My belief is that there should be legislation that would create the equivalent of the Felony Murder rule in long term care. It could be called the Felony Fraud Rule: if an older person suffers a death or disabling injury or extention of an existing infirmity during the time the company is dawdling over claims payment unnecessarily, then the company would be charged criminally with negligence or manslaughter. The employees perpetuating the delay on the part of their superiors and executives would be charged as accessories to Felony Fraud. That way everyone gets their day in court.
Delay, obfuscation, tactics intended to intimidate, confuse, and frustrate the owners of these policies in their attempted settlement should be dealt with the harshest of penalties both civil and criminal. Write your state and federal legislators today. Tell them you're mad as hell and you're not going to take it any more. Tell them I told you to write. Tell them also that Genworth is doing just the opposite of what it appears Conseco is doing: Honoring their obligations and satisfying their customers. What a novel business concept.
Hats off to you Genworth. Shame on you Conseco.
Posted by Dan Taylor
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