An industry group has recommended ways for female consumers to gain more affordable coverage.
The American Association for Long Term Care Insurance has released an announcement that recommends that women who wish to purchase cheaper coverage will need to do so quickly as their opportunity to act before a premiums increase is running out.
A new sex-distinct pricing format is about to be implemented, which will increase premiums by 20 to 40 percent.
According to the American Association for Long Term Care Insurance (AALTCI) director, Jesse Slome, “Women have an opportunity to lock in lower rates but the window for significant savings is closing.”
Slome has also produced “A Woman’s Guide To Long-Term Care Insurance Protection” for that purpose.
The AALTCI has cautioned that it is much more likely that women will require long term care insurance benefits, as their claims currently represent two out of every three dollars that are paid out by insurers. Slome has cautioned that as a result of this the leading insurers intend to stop their current practice of offering unisex price calculations, and this will be occurring very soon.
As women currently cost insurers more, their long term care insurance premiums will begin to reflect that, by increasing by 20 to 40 percent.
The association stated that there were over $6.6 billion paid out in long term care insurance claims last year. Slome added to that data by saying that women received approximately 65 percent of those payouts. He identified the most common reasons for receiving benefits as stroke, osteoarthritis, fractures, hip fractures, dementia, and cancer.
Now, the AALTCI is alerting women to the fact that if they wish to take out long term care insurance policies, then this might be the last chance that they have for locking in lower rates. According to Slome, both married and unmarried women can still take advantage of the lower rates before the end of unisex pricing. He said that the association is encouraging women to begin planning now, as they have the greatest likelihood of requiring the benefits which will soon come at a notably higher cost.