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 (firstname.lastname@example.org) is an independent insurance broker specializing in Long Term Care Planning and a consultant for the California Partnership for Long Term Care.Tags: healthcare, Insurance, Retirement