Long-Term Care a Growing Cost Concern for Women
White Plains, NY (Law Firm Newswire) April 19, 2013 – More women tend to need long-term care coverage, and they will be paying more for it.
Prices for long-term care insurance will soon reflect the reality that women live longer and file more claims than men. That change could mean significant upheaval in an already confusing and unpredictable market, and for some women who have been on the fence about buying such coverage, it creates a new decision-making deadline.
Gender-based long-term care policies are beginning to be offered to women who apply for individual coverage. Genworth, one such company offering the gender-based policies, may be reacting to the longer life expectancy of women compared to men.
While women have not been charged more for the same long-term care polices as their male counterparts, they typically live longer than men. Women are an estimated 60 percent of long-term care insurance policyholders, and are between 70 percent and 80 percent of the claimants. Women live longer than men and typically file larger long-term care claims than men.
The insurer Genworth’s move to raise long-term care prices will affect single and married women. While couples often could get a lower combined rate on their care coverage, marital status may no longer allow a cost break. The pricing approach varies by insurance carrier. Couples may get a discount from about 25 percent to 40 percent less than individual policies. Forty-seven percent of women age 55 and older are single either because they are divorced, separated, never married or widowed. If a woman who is married applies individually, she would also pay the increase.
Some insurance companies may begin charging a married woman more for her long-term care policy if she outlives her spouse. The woman’s premium may be something like 10 percent higher than the current rate, while her husband’s might be 10 percent less than the current rate; they’d pay the same as before, but the additional cost would be covered by the individual most likely to need longer care. But if the woman does outlive the man, she’d lose his lower cost and continue to pay her higher rate.
There are general premium price hikes happening throughout the insurance policy field. Over the past five years, premiums have risen as much as 50 percent as the industry has tried to correct miscalculations made before the most recent recession.
About Littman Krooks
Littman Krooks LLP provides sophisticated legal advice and the high level of expertise ordinarily associated with large law firms along with the personal attention and responsiveness of smaller firms. These ingredients, which are the cornerstone of effective representation and necessary to a successful lawyer/client relationship, have become the foundation of the firm’s success.
Littman Krooks LLP offers legal services in several areas of law, including elder law, estate planning, special needs planning, special education advocacy, and corporate and securities. Their offices are located at 399 Knollwood Road, White Plains, New York; 655 Third Avenue, New York, New York; and 300 Westage Business Center Drive, Fishkill, New York. For more information about Littman Krooks LLP, visit the website at: www.littmankrooks.com.
New York Contact:
Maria M. Brill
Littman Krooks LLP
New York City Office
655 Third Avenue, 20th Floor
New York, New York 10017
(212) 490-2020 Phone
399 Knollwood Road
White Plains, New York 10603
(914) 684-2100 Phone
300 Westage Business Center Drive, Suite 400
Fishkill, NY 12524
(845) 896-1106 Phone
View Larger Map
- Guest Post: Staying Aware and Safe in the Summer Heat
By Susan Yubas, founder of FYI Senior Living Solutions, Inc. My daughter and I walked into my mother’s apartment the other day and were hit by a wall of warm, humid air. While my mother was wearing long sleeves and pants, my daughter began to roll up her sleeves due to the heat and I [...]
- Advance Directives Need to Be Accessible
When drafting advance directives, a common problem for many people is making these documents easily accessible for their loved ones. What is an advance directive? A legal document in which a person specifies what arrangements should be taken for their health if they are no longer able to make decisions for themselves because of illness [...]
- Traveling with an Older Adult
By Susan Yubas, founder of FYI Senior Living Solutions, Inc. As we prepare for a trip with older members of our family, we want the plans we make to be as uncomplicated and stress free as possible. “Ha, ha,” you laugh. Travel is complicated and stressful on its own these days, let alone when you [...]
See other news sources publishing this article. BETA | Tags: Dutchess Office, New York Contact, new york elder law, new york elder law attorney, new york estate planning, new york estate planning lawyer, new york insurance and financial planning lawyer, new york special needs, new york special needs attorney, new york special needs lawyer, new york veterans benefits lawyer, Westchester Office, White Plains