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LONG TERM CARE FOR WOMEN

PRICING

In the past, long term care insurance companies used unisex pricing, meaning males and females paid the same price for long term care coverage. Due to recent and projected claims data, carriers have moved to gender-based pricing.

Long term care insurance carriers are not the first to base insurance pricing on gender. Life, health, auto, and disability insurance pricing has followed gender pricing for years.

More than half of long term assistance claims are for women. Today, single women pay 36-71% more for long term aid insurance then men. Are you a single woman? Learn more about what your options are for Long Term Care here.

MONTHLY PREMIUMS FOR PRODUCTS WITH GENDER-BASED PRICING APPLIED

3% Compound Inflation – Age 55 Standard Health Rating

Carrier Male Female Percent Difference
Carrier A $200/month $324/month 62%
Carrier B $218/month $332/month 52%
Carrier C $214/month $291/month 36%
Carrier D $189/month $308/month 63%

5% Compound Inflation – Age 55 Standard Health Rating

Carrier Male Female Percent Difference
Carrier A $382/month $655/month 71%
Carrier B $428/month $652/month 52%
Carrier C $309/month $500/month 62%
Carrier D $392/month $603/month 54%

All long term care insurance products are guaranteed renewable meaning even if a carrier stops servicing a product, they guarantee to pay claims as long as the policy holder’s premiums are current.

There are still a few states that have not approved gender-based pricing in some insurance products, so it is more important than ever for women to get a jump-start on long term care planning. Speak with a knowledgeable long term care specialist who can shop the market for you in your state.

THE IMPACT

It’s no secret that women live longer than men; outliving them by an average of five years. Unfortunately, women must worry about not only caring for themselves, but also the possibility of caring for loved ones as they age.

STATISTICS: WOMEN & LONG TERM CARE

  • 3/4 of family caregivers are women.
  • The largest open long term care insurance claim for a woman has exceeded $1.8 million in paid benefits.  Her claim lasted a little over 15 years and started after she paid $881 each year for the coverage.
  • Women account for 67% of all newly opened long term care insurance claims.
  • Over 85% of women age 85 or older will be living alone.
  • Almost 2/3 of all formal (paid) and informal (unpaid) home care recipients are women.
  • Estimates suggest there are 66 million unpaid family caregivers in this country and 66% of unpaid caregivers are women.
  • Unpaid caregivers average 20 hours of work per week.

Click here to learn more about this and other Long Term Care statistics.

Caring for a loved one can be filled with emotional and financial stress. Two-thirds of caregivers employed outside the home have gone to work late, left early, or taken time off during the day to deal with care-giving issues. One in five took a leave of absence, 68% experienced emotional stress, and 51% suffered physical stress.

Most say they did not realize the toll care-giving would take on their lives and health, not to mention their own needs and dreams.

Long term care insurance covers a variety of care situations. While family members are typically excluded from financial reimbursement for care-giving services, under many long term care insurance policies, they may be eligible as “paid providers.”

By selecting a comprehensive LTC policy, family-member caregivers can be paid for assisting with your care. Or, you may hire homemaking services to help with cooking, cleaning, and other household chores as part of the reimbursement.

Don’t delay. Request a free quote and speak with an LTC Specialist about your options today.