Single women, if you don't have long term care insurance, and are thinking about it, you might want to think a little faster.
I was talking with Nicole Gurley of Gurley Long Term Care Insurance this morning and she informed me that starting some time in 2013 at least one of the major long term care carriers, Genworth, will be changing to gender based pricing. We're likely to see other carriers follow.
It shouldn't be a surprise. We are used to gender based pricing with health insurance, and women, the fact is, we cost insurance companies more than men. This is certainly true of long term care. I think you can expect policy pricing for women to be noticeably higher than for men. How much more? This November 2012 Wall Street Journal article Woman Face Higher Costs says women can expect to pay 40% more than men.
If you're a women considering this addition to your financial plan, get a move on it.
If you need to brush up on the basics of what long term care insurance is all about browse through the articles in my long term care insurance section to learn more.
Hi Dana- I’m 55 and female. I got a LTC policy with Genworth about 6 years ago. Is it possible they would change pricing on existing policyholders? Thanks! I love reading your stuff.
How much in liquid assets would a woman need for a long-term care insurance not to make sense.
Should a single 49 year old woman get insurance ?
Help!! More on this, please! I am 55! Your leadership would be welcome!