Unisex Pricing for Long Term Care Insurance Provides NY Residents with Value

As more and more consumers start the process of planning for Long Term Health Care, New York residents can still enjoy premiums which are not based on gender. Long Term Care Insurance pays for items like homecare, adult daycare, assisted living and nursing homes. A vast majority of those costs are not covered by traditional health insurance or Medicare (health insurance for those 65 and older). This has become a big concern for many Americans as they plan for their future retirements since so many people will require care at some point in their lifetime.

“The U.S. Department of Health and Human Services tells us than nearly 70% of all Americans over 65 will need some form of Long Term Care service.. Plus, many people will need care even younger. Since most of these services are custodial in nature … having to do with help with activities of daily living … health insurance doesn’t pay for them. This creates a physical, emotional and financial burden on families,” said Mary Ann DeKing, a New York State Licensed and nationally known specialist in Long Term Health Care planning.

DeKing cites an analysis done by the American Association for Long Term Care Insurance (AALTCI) that 16 states and the District of Columbia, including New York, have unisex pricing for Long Term Care Insurance. Many of the leading insurance companies including Genworth, John Hancock, Mutual of Omaha and Transamerica have adopted different premium rates for men and women in most states.

“The insurance companies see claim rates for women at higher rates than for men. Many men are taken care of by spouses and family members, at least at the start of a health or aging issue. By the time a woman requires care that family support is longer available. This means women use their policies right away. So many states have approved premium rates based in part by gender. While still very affordable, women will be paying more,” DeKing said.

DeKing says that a window of opportunity, especially for single women, still exists to take advantage of unisex pricing. But she warns the window is closing. At least one or more major insurers have unisex premium pricing available in: Arizona, California, Connecticut, Delaware, District of Columbia, Florida, Hawaii, Indiana, Massachusetts, Maryland, Montana, New Jersey, New York, North Dakota, Oregon, South Dakota and Virginia.

The need to work with a true specialist in Long Term Care planning is essential. They should work with the top insurance companies and be partnership certified. Mary Ann DeKing is recognized by the AALTCI has one of the top specialists in the nation and is certified by the New York State Partnership program and the partnership programs in all other states as well. She explains most people start learning about Long Term Health Care planning in their 40’s and 50’s prior to retirement. Consumers can start the education process at: www.planandcare.com. You can call DeKing toll free at: 888-778-2905 or email her at: maryanndeking@planandcare.com