There have been several articles in the media lately regarding women needing long term care insurance, and women as daughters who give care to parents—even more so than men. Hence, I thought it would be relevant to revisit these topics. It’s serious stuff.
"Two leading long term care insurance companies have started charging single women between 40 and 60 percent more than single men and two more insurers are poised to launch their new products with sex distinct pricing," declares Jesse Slome, executive director of the national long term care insurance industry trade group.
I have seen more changes in the long term care insurance market in the last year than in over the 14 years I've been selling it! A major change is that we now have gender-specific ratings. Why? because women utilitze care more than men! Two carriers have already raised rates on new applications for single women 24-40% higher than men for the same coverage. Buy now, while there are still a few carriers left that have not implemented this change.
We're seeing that women face a significant risk of needing care for an extended period as they age. Actually, statistics show that women receive 66% of all long term care benefits paid by insurance companies. That is why we now are seeing "gender specific" ratings for those who choose to purchase LTC insurance. Planning to live a long life is important to everyone, and especially for women.