California Bill Would Prohibit Long Term Care Insurance Gender Based Pricing

By |January 30, 2014|Categories: Breaking News, Government, Insurance Industry, Retirement Planning|Tags: , , |

A bill proposed in California legislature this week would eliminate gender based pricing from long term care insurance policies and prohibit companies from enacting similar pricing models in the future.

Gender Based Pricing

Assemblywoman Mariko Yamada (D- Davis) introduced AB 1553 on Tuesday, citing the current insurance pricing system as unfair discrimination.

“Gender discrimination has broad public policy implications,” Yamada said in a statement. “Women earn less than men in their lifetime and accumulate less wealth, so charging women more for the same policies is neither a fair nor effective solution to covering the industry’s costs. Pricing based on life expectancy sets[…]

Golden Years in the Golden State

By |May 28, 2013|Categories: States, Uncategorized|Tags: , |

California is the most populous state in the US, with over 38 million residents. Known for its long beaches and sunny weather, California is an ideal retirement spot. The state has many towns with plenty of leisure activities, like the boardwalk and pier in Santa Monica, the vineyards in Napa Valley, and the stores and artist merchants in Carmel. Although many areas in California have significantly higher costs of living than the national average, there are still some areas in the Golden State that aren’t nearly as expensive and can provide seniors with the ideal retirement environment.

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The state[…]

Shock, Genworth Long Term Care Insurance is Pulling out of California

By |March 5, 2013|Categories: Breaking News|Tags: , , |

LTC Tree just heard through sources that Genworth will cease writing California Long Term Care Insurance business 3/21/2013.  This action is due to the fact that Genworth still has their old California Long Term Care Insurance product active in the state.  The product that will be taken away in California Long Term Care Insurance  market, is the Genworth LTC Choice and California Long Term Care Insurance Partnership version.  Those plans still have the old rates from at least four years ago, with no potential in sight for approval on the new products and pricing.

Obviously, when a company cannot control it’s own pricing,[…]