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Notes From the Fieldby Martin Weil

September 3, 2013

Long Term Care Insurance Premiums for Women to Rise 30% or More

Because women represent most of the long term care claims, major insurance companies will be rolling out their new gender-based pricing. That means, by the end of the year, female premiums will increase by 30-40%. However, this does not affect premiums for women who apply before the increase takes effect.

According to the Department of Health Services, 70% of Americans will need long term care in their retirement years. As part of a strong financial safety net, every family should have a long term care protection strategy. Strategy options include: purchasing traditional long term care insurance and/or designating a specific asset(s) to cover the potential costs of long term care. Having a long term care plan in place helps to maintain quality of life, while minimizing the burden on the family.

by Guest Author Denise Michaud (deniseltc@yahoo.com) is an independent insurance broker specializing in Long Term Care Planning and a consultant for the California Partnership for Long Term Care.

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