Tuesday, February 26, 2013

Even with Obamacare. women usually are charged more for long-term care insurance premiums than men (as of 2013)


Even under Obamacare, insurance companies can charge women more for long term care insurance than they charge men.  Only two states, Colorado and Montana, prohibit the practice. 

Insurance company statistics show that women spend about twice as much on long term care benefits as men, because women are likely to live longer by several years.  Husbands are often cared for by wives, who then have to depend on adult children or caregivers if they become disabled, or go into assisted living facilities or nursing homes.

It appears that gender-based pricing has been starting this year, in 2013.  

In late 2009, when I was looking after my mother and visited the Emeritus in Arlington, I was told that 70% of the Alzheimer’s patients were female.

Single premium policies, at least for people under 70, may be cheaper.  At age 68, I purchased a single premium policy from Lincoln for $100,000, which functions as a life policy that earns policy dividends and maintains a surrender value.  I think the max benefit is about $4500 a month and there is a lifetime cap.

The link for the Post story is here.

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