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Women Face Increased Long Term Care Insurance Costs

The United State’s largest long term care insurance company, Genworth, recently applied with State Insurance Commissions throughout the nation to charge more for new policies held by women than those for men. In some cases, the difference between a woman’s policy and a man’s may be as high as 40 percent.

According to the Wall Street Journal’s article “Family Value – Women Face Higher Costs,” Genworth’s North Carolina rate, for example, shows that a 55-year old woman buying a $3,000 a month (in coverage) policy for 3 years with a 3 percent inflation-protection rider would pay $2,000 a year – 36 percent more than the $1,466 a man would pay.

While Genworth is the first major carrier to openly seek gender-based pricing, their success rate in gaining states’ approval will likely prompt many – if not all – other companies to follow suit.

Why Charge Women More?

The following statistics factored into Genworth’s new policy prices:

  • On average, women live longer than men
  • By age 75, 7 in 10 women are widowed, divorced, or have never been married
  • 40 percent live alone, compared to 22 percent of men
  • Women who live to age 65 average 2 years of disability requiring assistance before death
  • In nursing homes, 7 in 10 residents are women

By the time the wives’ long term care is needed, many husbands have already passed away. A support system may not be available to care for a woman at home. Thankfully though, there are more home care agencies opening every day. With the aid of home care systems and home care software, more seniors should be able to receive safe and quality care in the comfort of their own home.

Projected pricing for the new Genworth policy is different for a woman who applies alone than for a married couple. Spouses who buy coverage together are eligible for a discount under a “blended rate.” Even if the husband is declined coverage, the wife would still receive a discount – though not if she applied on her own.

Even for the general public, long term care insurance pricing is becoming a concern. There are fewer insurers, and those that remain are charging more. Nursing home costs are also increasing. Fortunately this is not the case with home care – or home care systems like ClearCare, which offers the most affordable home care software on the market.

Home Care Systems and Home Care Software Don’t Discriminate

Unlike Genworth and other insurance companies, reputable home care agencies do not charge clients based on their gender. Male and female alike deserve equal and affordable care. Since the development of home care systems and home care software, such as provided by ClearCare, not only are men and women able to receive affordable care at home – but even those with disabilities or severe mental illness can enjoy in-home care as well.

Long term care insurance companies may raise their prices and make life more difficult, but ClearCare’s objective is to make life easier for seniors. Out of all the home care systems available, ClearCare’s home care software is by far the most intuitive and user-friendly. To find out more, call one of ClearCare’s friendly representatives today.

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