Saturday, November 24, 2012

Women To Pay More Than Men For Long Term Care Insurance

From The Wall Street Journal, "Women Face Higher Costs" by Kelly Greene:
Until now, insurers have charged the same premiums regardless of gender for the [long-term-care insurance] policies, which help pay for future nursing-home, assisted-living and home care. But beginning early next year, Genworth Financial, the country's largest long-term-care insurer, plans to start charging women applying for coverage as much as 40% more than men.

The move is designed to better reflect the risks involved in covering women, who are paid two out of every three benefit dollars from long-term-care insurance, in part because they live longer and often have no caregivers at home, according to the American Association for Long-Term Care Insurance, a trade group based in Westlake Village, Calif.

Other insurers are expected to follow Genworth's lead, says Jesse Slome, the association's executive director.

1 comment :

  1. I do not understand why women would have to pay more. I guess that is just how it is. I have been looking up long term care billing and I have not come across this before this article. Thanks so much for informing me.

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