Gender-Based Pricing and What it Means for Women

Have you heard about the shift to gender-based pricing for long term care insurance premiums? If so, you may wonder, “What exactly does that mean for women?”

Many long term care insurers adopted gender-based pricing due to the reality that women live longer than man and are more likely to need care. Here’s what you need to know about gender-based pricing for women.

Women Will Pay More for Coverage Because They Use It

Studies show 58% of policyholders are women, yet they account for 67% of claims. Insurers are flocking to gender-based pricing and charging women several hundred dollars more per year for coverage because they use it.

Gender-Based Pricing Reinforces the Importance of Coverage for Women

All you need to do is walk into an assisted living facility or nursing home to realize how long women can live. For many, the higher premiums are an annoyance, but not a deal-breaker. It reinforces that long term care insurance is a necessary element in planning for future care needs.

Statistics on Women and Long Term Care

  • Over 85% of women age 85 and older will live alone.
  • Almost 2/3 of all formal (paid) and informal (unpaid) home care recipients are women.
  • Women account for 67% of open long term care insurance claims.

Women Can Save By Applying with Their Spouse

While the price for women is higher, many insurers offer spousal discounts for couples who apply for coverage together. Discounts can be as high as 30% and ensures both of spouses covered against the risk of long term care.

Don’t let gender-based pricing stop you from getting the coverage and protection you need for your future. Get an instant quote for long term care insurance today and speak with an LTC Specialist about your options. They’ll shop the market and find you the best coverage at a price you can afford.