According to the American Association for Long Term Care Insurance (AALTCI), leading insurers will soon be moving to sex-distinct pricing for long term care insurance. This is expected to result in women paying 20 to 40 percent more for their coverage, according to the group.
The reason for the coming cost increases for women? Insurers paid over $6.6 billion in long term care claims last year and women accounted for 65 percent of all new claims opened according to the AALTCI.
Prior to these coming increases, it is recommended that women between ages 55 and 65 explore coverage options to take advantage of their last chance for unisex pricing on a policy.
For more information, we recommend this recent article from the Wall Street Journal.
If you have any additional questions on this topic, we encourage you to contact Charles J. Farro. Chuck is the president and co-founder of Marsh & McLennan Agency formerly Benefits Resource Group. You can contact Chuck by phone at 216-393-1818 or by email at email@example.com.