A recent analysis has revealed that choosing the proper insurer can make a vast difference in the expense.
A recent analysis has determined that there are considerable price differences offered among the leading long term care insurance companies in the United States, and that this knowledge could either save or cost consumers hundreds of dollars on an annual basis.
This sector of the industry is in a state of flux, which is causing insurers to use different approaches to setting prices.
According to the American Association for Long Term Care Insurance (AALTCI) director, Jesse Slome, “We now see large price differences between leading insurers resulting from pricing approaches, discounts offered and health classifications.” Slome went on to state that “People can easily pay 40-to-90 percent more than they need to and many people forgo getting this important coverage simply because they fail to understand how to take advantage of discounts still available.”
Slome pointed out that there are 20 to 25 factors considered by long term care insurance companies when determining price.
Therefore, because of the wide range in different pricing strategies by long term care insurance companies, Slome recommends that the consumer work with an industry professional who is very familiar with the various differences in pricing and who knows legitimate and helpful ways to reduce the annual premiums, in order to obtain the best possible price for the coverage that is needed. In fact, Slome called this “the single smartest move a consumer can make today”.
Earlier in 2013, a number of long term care insurance firms started charging prices that were 45 to 55 percent higher for single women than for single men. However, Slome expressed that not all insurers in this sector have started using gender as a factor that is considered when calculating premiums. Therefore, one strategy that single women will likely want to consider is to look into the rates that are being offered by companies that still offer unisex rates. Equally, men might find that they save by receiving quotes from firms that include gender as one of the factors in their calculations, as single men pay less with some of those insurers.