There have been several articles in the media lately regarding women needing long term care insurance, and women as daughters who give care to parents—even more so than men. Hence, I thought it would be relevant to revisit these topics. It’s serious stuff.
I have seen more changes in the long term care insurance market in the last year than in over the 14 years I've been selling it! A major change is that we now have gender-specific ratings. Why? because women utilitze care more than men! Two carriers have already raised rates on new applications for single women 24-40% higher than men for the same coverage. Buy now, while there are still a few carriers left that have not implemented this change.
We're seeing that women face a significant risk of needing care for an extended period as they age. Actually, statistics show that women receive 66% of all long term care benefits paid by insurance companies. That is why we now are seeing "gender specific" ratings for those who choose to purchase LTC insurance.
