Long Term Care Insurance Companies set to price their Policies based on Gender

Historical article — originally published March 2, 2013. This article discussed the introduction of gender-based pricing. Its original buying deadlines and price forecasts have expired; it does not describe today's rates or product availability.

Why gender can affect LTC insurance pricing

Gender, age, health, and benefit design can affect the initial price of long-term care insurance. The NAIC's LTC insurance overview identifies these as factors in the decision to buy and the premium charged.

The Administration for Community Living reports that women need support for 3.7 years on average, versus 2.2 years for men, across everyone turning 65. Those whole-cohort averages include people who never need support; they are not shares of insurance claims or a prediction of one person's benefits.

What a buyer should compare now

Compare quotes with the same daily benefit, benefit period, elimination period, and inflation protection. Ask whether discounts require both spouses to apply and whether the quoted health class matches your underwriting result.

Traditional premiums can increase later for a class of policies under state rules. Buying at a younger issue age does not guarantee a premium for life, and private coverage does not guarantee a particular provider or care outcome. The NAIC shopper's guide explains these distinctions.

For current options, request a quote or read the traditional LTC guide.