Women Can Still Pay Same As Men For Long Term Care Insurance In 25 States

In roughly half of the country, a women will still pay the same for long term care insurance as a single man.  However, the opportunity to save will not last forever experts explain.



“This Spring, leading insurers started introducing new policies that charge single women an average of between 40-and-60 percent more than a comparably aged single man,” explains Jesse Slome, executive director of the American Association for Long Term Care Insurance.  “It is a progressive state-by-state roll-out however, and there are still 25 states where single women can lock in rates equal to those paid by men.”

According to an Association study, policies utilizing unisex pricing are still available in 25 states.  ” California, Florida and New York are some of the larger states where the savings advantage still exists for single women,” Slome notes.  “However, it is just a matter of time until their State Departments of Insurance get around to reviewing and approving the ‘sex distinct’ policies for sale to the public.  At that time, the current policies are no longer offered for sale.”

The organization’s study found that some states have approved one insurance company’s new policy but not all.   “There has always been a significant price difference between the rates charged by insurers,” Slome adds.  But now getting a cost comparison is extremely important for single women.”   A review of typical levels of coverage found that a 55-year-old single woman could expect to pay anywhere from 40-to-60 percent more than a single man.

“Women account for two-thirds of all long-term care insurance claims and benefit dollars paid,” Slome reports.  “That’s why insurers who paid out $6.6 billion in benefits last year recognize the need to charge women more, just as men and smokers pay more for life insurance.”

The Association has produced a map depicting states where at least one major long-term care insurance company still offers unisex rates.  It can be accessed at www.aaltci.org/women.

The American Association for Long-Term Care Insurance is the national trade organization focused on educating individuals about the importance of planning for the risk of long term care.  In 2001, the organization established Long-Term Care Awareness Month, a national effort that has been recognized by Congressional Resolution as well as by a number of States.

Link to webpage with long term care insurance costs for women map showing states where unisex rates still apply.

Association Makes Long Term Care Insurance Awareness Month Logos Available

November has been declared Long Term Care Awareness Month to support increased awareness and education surrounding the importance of planning for the risk of and the role played by long term care insurance.



“Long Term Care Awareness Month provides an opportunity for all those involved in the various industries to focus on creating heightened awareness,” shares Jesse Slome, executive director of the American Association for Long Term Care Insurance, the long term care insurance trade group.   Slome is the creator and founder of the Awareness Month program, first established in 2001.  The event was recognized by a Congressional Resolution and has been since proclaimed by governors and mayors across the country.

As part of AALTCI initiatives, the organization published a special insert within copies of November’s Kiplinger’s Personal Finance magazine.  “The special insert addresses strategies and provides examples of ways to save on long term care insurance, an important option that is again gaining recognition in light of fewer government options,” according to Slome.

Long Term Care Awareness Month is primarily designed to be a grassroots effort.  “We know that many companies undertake special programs and certainly insurance agents do what they can to use the opportunity to create awareness,” Slome add.  “We know many top long term care insurance specialists will offer a free, no risk evaluation of risk, needs and costs,” Slome shared.

New Long Term Care Insurance Guide For Consumers Published

Strategies to reduce the cost of long term care insurance along with helpful tips for consumers have been published in a new consumer guide from the American Association for Long-Term Care Insurance.

“The new guide addresses many of the questions commonly asked by consumers,” shares Jesse Slome, executive director of the long term care insurance trade group.    ”Individuals are increasingly aware of the need to think about long term care planning but they want to have an idea of what protection costs and smart strategies for buying the right amount of coverage at the best possible price.”

The guide, originally published in this month’s Kiplinger’s Personal Finance magazine addresses strategies for when to begin planning, options to deal with the risk of rising costs for care and provides examples of ways to save.  “Selecting a 60-day deductible period for your policy will reduce premium costs by nearly 15 percent yearly, while selecting a 90-day deductible provides an even greater savings,” according to Slome.

“One question we are often asked is when is the best age to start looking into long term care insurance,” the expert notes.  “The younger you are the more likely you will qualify for good health discounts as well as obtain lower rates.”  The guide provides industry average costs for buyers from ages 40 up to age 65.
The guide can be read free of charge along with four prior consumer guides offered on the Association’s website at www.aaltci.org/long-term-care-insurance-costs. No sign-in or personal information is required to read the guide.

Long Term Care Insurance Association Comments On Commission Report

The director of the American Association for Long Term Care Insurance commented on the report published by the Commission on Long-Term Care.

To read the Commission on Long Term Care Commission  report click this link or go to:

http://www.aaltci.org/wpdownloads/commissionltc.pdf .

The Commission was established under Section 643 of American Taxpayer Relief Act of 2012 (P.L. 112-240), signed into law January 2, 2013.   Fifteen members each were appointed by the President of the United States, the majority leader of the Senate, the minority leader of the Senate, the Speaker of the House of Representatives, and the minority leader of the House of Representatives.

According to the 92 page report just released, the statute directed the Commission to: “…develop a plan for the establishment, implementation, and financing of a comprehensive, coordinated, and high-quality system that ensures the availability of long-term services and supports for individuals in need of such services and supports, including elderly individuals, individuals with substantial cognitive or functional limitations, other individuals who require assistance to perform activities of daily living, and individuals desiring to plan for future long-term care needs.”

“The report provides a very detailed and comprehensive overview of the long-term care servicing and financing issues facing Americans,” says Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “With little time and in today’s politically charged environment, it was unlikely the Commission would achieve anything more.”

Slome noted that those anticipating significant changes or a recommendation for a new taxpayer-supported social insurance program to address long-term care may be disappointed.   “The bipartisan support for approval of the report is evidence that there is clearly no groundswell for another attempt at a government option along the lines of the CLASS Act,” Slome added.  Five Republicans and four Democrats voted in favor of the final report that failed to recommend a new national insurance program for long-term care services.

“The Commission recommended creation of an Advisory Committee,” Slome shared.  “We look to be part of the ongoing dialogue about furthering a public / private solution.,” Slome notes.  “There is no universal solution.  Both public entities and private insurers have a role to play and that is positive news for the long term care insurance industry.”