Long Term Care Insurance Savings For Women Executives A Little Known Benefit
LOS ANGELES, July 30, 2014 /PRNewswire-USNewswire/ — Single women purchasing long term care insurance protection now pay as much as 50 percent more than single men for identical coverage. An expert shares how working single women can still avoid the price difference.
“Two thirds of all long term care insurance claim benefits are paid to women so it is understandable why insurers started charging women more than men,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI) a national trade group. Over the past year, leading insurers adopted ‘sex distinct’ pricing where women pay more for new coverage.
According to Slome, single women buying through the workplace can still benefit from the availability of unisex pricing. “There are millions of single women working today who can save significantly when purchasing long term care insurance offered in an employer setting,” he notes.
A recent AALTCI analysis found a single female age 55 could save anywhere from 45-to-135 percent on coverage bought at work. “Buying coverage worth nearly $400,000 at age 85 can cost $1,825 annually when taking advantage of group discounts and unisex pricing,” Slome shares. “Without those worksite advantages, a single 55-year-old female might pay anywhere from $2,685 to $4,250 a year.”
Workplace Long Term Care Insurance Is Ideal For Women
“More than ever, small and mid-sized businesses with female owners and key executives have a significant reason to consider offering long-term care insurance,” explains George Mellendorf, president of LTC Solutions , a national distributor of individual and multi-life long term care insurance headquartered in Cape Coral, FL. “Of course, long term care planning is essential for both men and women.”
Plans can be offered on a voluntary basis paid by payroll deduction or the employer may contribute a nominal amount. It may even be possible to offer company-paid coverage exclusively for executives and key employees. “Today, even small groups with as few as 10 employees can qualify for simplified health underwriting and pricing discounts that can reduce costs,” shares Mellendorf.
Individuals or small employer groups interested in learning more or seeking long term care insurance costs from a designated specialist can contact the American Association for Long Term Care Insurance by calling 818-597-3227 or visiting the organization’s website where free access to five long term care insurance consumer guides is available.