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[…]