Gender discrimination is normally not legal. But, when it comes to Long Term Care Insurance companies that offer this type of insurance, they have now realized an obvious truth: women live longer than men and thus use more benefits from this type of insurance. A lot more, in fact, and estimates are as high as 70% or more of the more than $6 billion in claims are paid out to women. Until now, Long Term Care Insurance companies have priced equally for men and women, unlike, for example, life insurance. Long Term Care Insurance companies are only now realizing their serious miscalculation and adjusting the pricing of their policies accordingly.
Long Term Care Insurance companies: Women pay more, but it’s worth it
The result of these new pricing policies is that women will likely pay as much as 40% more for their Long Term Care Insurance plans. So, if you wish to purchase a policy before this increase goes into effect, now is the time to do it. But, even after this increase goes into effect, which will begin rolling out across the industry landscape in the 2nd quarter of this year, Long Term Care Insurance is still a smart buy and could ultimately be the best retirement-planning decision you make this year.
While the reality is that Long Term Care Insurance companies have raised their policy premiums in the last few years, and are set to rise even more if you are a woman, so has the cost of long-term care, and it’s set to rise even more in the coming decades as demand for services increases and Americans in droves enter retirement. A private, Long Term Care Insurance policy is the only way you can be certain you’ll receive the best care as long-term service providers will be looking for paying customers, not those on Medicaid.
Prices have risen, but are now stabilizing
The good news is that the industry has now found it’s feet and is pricing policies more realistically and thus if you purchase a policy now, it is unlikely to rise dramatically in terms of premiums in the future. So, you’ll be best prepared for your future long-term care needs and can plan for the peaceful, secure retirement you’re always dreamed of having. You don’t want to spend your retirement years waiting for a Medicaid-funded nursing home spot that offers substandard care after having spent down your life savings to pay for long-term care services out-of-pocket. Now that policy premiums are more stable, you should purchase a policy and lock in a good rate.
That’s where we come in. At LTC Tree, we’re experts in Long Term Care Insurance and are the largest virtual brokerage in the country. We work with the top, blue chip carriers to obtain quotes based on your personal situation and then leave you the space and breathing room to evaluate them in peace while we stand ready to answer your questions and guide you in the making smart, retirement-planning decisions for you and your family.
If you’re a woman, now is a critical time to purchase a policy. Why not get started today? Simply fill out our form and we’ll get you quotes from the top Long Term Care Insurance carriers in the nation. Thanks for reading today’s blog and be sure to check back on ltctree.com for the best in Long Term Care Insurance policy advice, rates, quotes and comparisons.