Higher Long Term Care Insurance Costs For Single Women Due Next Month

LOS ANGELES - March 22, 2013 - PRLog -- Single women will start facing higher costs for long term care insurance coverage beginning in April as leading insurers begin charging more to women.

"Women account for two thirds of all claims so they are clearly far more likely to need and use their insurance coverage," explains Jesse Slome, executive Director of the American Association for Long-Term Care Insurance http://www.aaltci.org.  According to AALTCI data, the industry paid out $6.6 billion in claim benefits in 2012.  "No one ever likes to pay more for something but in this instance, clearly women have the greatest need and are the greater recipients of benefits so the newer sex-distinct pricing is understandable.

Slome points out that men often pay more for other forms of insurance such as life and car insurance protection.   "The cost for insurance is based on risk," Slome notes.  Several of the insurers that will begin charging more to single women have announced plans to implement the change starting as early as April.

"The window is closing for women to lock in the significant price savings," Slome points out.  "Once the newer policies using the sex distinct rates are introduced, the older priced policies are removed from the marketplace."

The long term care insurance expert recommends women between ages 55 and 65 should consider this protection.  "Costs for good coverage are based on how much protection you want but basically good coverage can be obtained for about $100 a month," Slome notes.  "It is important to work with a knowledgeable specialist who is appointed with multiple companies because the costs for virtually identical coverage can range significantly."

Slome notes that some of the leading insurance companies currently marketing long-term care insurance policies include Genworth Financial, John Hancock, Transamerica, Med America, Life Secure and Mutual of Omaha.

To obtain long term care insurance costs http://www.aaltci.org/long-term-care-insurance-costs and connect with a designated specialist who is a member of the American Association for Long-Term Care Insurance visit the organization's website or call 818-597-3227.  The national organization, established in 1998, is located in Los Angeles.