February 12, 2014 – There is sound reasoning that explains why women pay more for long term care insurance contends one of the nation’s leading long term care insurance experts.
“Prices for insurance are based on risk which is why men pay more for life insurance and bad drivers pay more than good drivers,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI). Slome was reacting to the National Women’s Law Center administrative complaint filed against Genworth, John Hancock, Transamerica and Mutual of Omaha on the grounds that gender-based premiums for long-term care insurance violated a provision of the Affordable Care Act.
“I wonder if they realize that men pay more for Medicare Supplement insurance, which augments Medicare health benefits?” Slome posited. He noted that a recent comparison of equal policy amounts revealed that men paid 15 percent more than a same-age female applicant.
“Women have a far greater risk of needing long term care insurance and, in fact, receive two-thirds of the claim benefits paid by insurers,” Slome noted. The organization recently released the results of a study reporting that long term care insurers paid some $7.5 billion in claim benefits in 2013, a significant increase over the prior year.
According to AALTCI, unisex rates, where single women pay the same as single men, are still available in a number of states. “The opportunity to take advantage of this is ending as insurers continue to roll out new policies on a state-by-state basis,” Slome admitted. The Association recently reported that unisex rates could still be found in 16 states. “But the number keeps declining which is why we urge single women in their 50s and 60s to at least inquire into what long term care insurance costs,” Slome shared.
For long term care insurance cost comparisons call the American Association for Long Term Care Insurance at (818) 597-3227 or visit the Association’s website at www.aaltci.org.
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