The long term care insurance industry has seen some recent changes, especially for women applying for new coverage. Major carriers in the industry have begun rolling out policies with rates at least 40% higher for individual female policies than for individual male policies, and other companies are expected to follow soon.
The changes reflect the reality that women live longer and file more claims than men. As the new policies hit the market, they replace the prior policies that offered unisex pricing. And single women won’t be the only ones affected by the change. A married woman who doesn’t apply with her husband—possibly because the husband is too ill to pass medical underwriting—will also be charged more.
Experts expect these increased long term care insurance premiums for women to spread to more states as insurance commissions give their approval. They also advise that women who decide they need individual policies make a purchase as soon as possible. To ask questions or receive a quote, contact us today.