Long Term Care Insurance has made many adjustments over its 50-year lifespan. One major adjustment is Gender based pricing. This change was not well received to say the least.
Long Term Care insurers looked back at claims and found that 70% of their claims were female to only 30% male. The reason for this issue was easy to understand. Women on average live longer than men. Sadly, this also meant that with new plans women would pay more than men. In most cases quite a bit more. With most carriers the difference is about 40% more.
WHAT ARE THE BEST ALTERNATIVES FOR WOMEN?
In summary, just because Long Term Care cost more for being female do not write it off. The purpose of this cost difference is not an inconsideration to women, but a crutch to ensure their financial security. With that in mind, there are various discounts and benefits that experts can use to find the most fiscally responsible plan.
Classe Financial group
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