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Women May Pay More for Long-Term Care Insurance

MP900442656Women who are considering the purchase of a long-term care insurance policy should be aware that recent industry changes could mean they will pay more than men for the same coverage. If you guessed that these increases are tied to the fact that women tend to live longer than men, you would be right. While there is no guarantee that a particular woman will live longer than a man, long term insurance carriers can justify the difference in prices by pointing to research that shows that women are more likely to live longer than men and may incur more healthcare costs.

According to, last year, “The National Women’s Law Center (NWLC) filed complaints with the U.S. Health and Human Services Department’s Office for Civil Rights” against leading insurers because “gender-based premiums violate a provision of the Affordable Care Act that bans sex discrimination in health care.” has recommendations for women who are shopping for long-term care insurance, including buying sooner rather than later. The older you are, the more you will pay. You can also check out which states still offer unisex pricing (last year it was 16). Another strategy is to buy a shared policy—these are available to people who are married and those who have been in domestic partnerships long enough to qualify.

Another bit of information you can glean from this article is that some long-term care insurance policies offer inflation protection and some do not. So no matter who you are, you need to take that into consideration when you select long-term care insurance.

Advising you on purchasing insurance policies is one of the many things a Fee-Only financial advisor will do for you. These policies are not one-size-fits-all and someone who wants to sell you one may mean well, but they may not be fully aware of your financial needs. If your options seem overwhelming, get the help of a financial expert instead of making these kinds of decisions on your own.