Women of Idaho - Don’t Delay Purchase of Long Term Care Insurance

Long-term care is rapidly becomingone of the most important matters of financial security and asset protection. Asa result, long-term care insurance (LTCi) is becoming more complicated and increasinglypricey.

Apparently, women should notdelay when it comes to assessing their long-term care needs as LTCi policiesstart ratcheting rates up on the longer-living sex. This development wasexplored by Reuters in a recentarticle titled “Long-term care policies will soon cost morefor women.”

Gender has long been a factor inthe pricing of insurance policies, and always for very actuarial reasons. Why?Because women tend to live longer. Still the market for LTCi policies is tryingto find its footing. As a consequence, at least one insurer is going to followthe actuarial numbers to higher rates.

Genworth Financial Inc., thelargest seller of these LTCi products, announced that it will introduce newrates for new policies procured by women individually by as much as 20 to 40percent. Note: for now, rates won’t increase on married couples purchasing thesame policies and so that’s an important caveat, and strategy, if applicable.

This latest development is just one more reason whyplanning is important. It remains to be seen where the market will lead thesepolicies, so do your homework to know what makes sense for you. 

At Idaho Estate Planning, we understandthe challenges faced by elder Americans. We have the experience and expertiseto help you maintain your options and protect yourself as well as your lovedones now and into the future. Remember, good planning is no accident.


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