Low Cost Long Term Care Insurance Options for Women
A 55 year old single woman currently pays $85 monthly for $164,000 of long term care insurance if she acts to avoid the upcoming rate increases according to the American Association for Long-Term Care Insurance.
Los Angeles, CA, February 25, 2013 --(PR.com)-- A single woman will pay between $900 and $1,300 yearly for long term care insurance protection currently being offered by leading insurers. However, they will soon be paying more warns one of the nation's leading industry experts.
"Women have the greatest need to do some long term care planning but the opportunity to take advantage of currently available low rates will end soon," declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance. The head of the national trade group explains that insurers who currently charge men and women equal amounts for coverage will soon start charging higher rates to women.
"The difference will be significant, as much as 40 percent more, so the incentive to act sooner rather than later can really result in significant savings," Slome notes. The organization reports that a single woman, age 55 who qualifies for preferred health rates will pay between $902 and $1,325 yearly for $164,000 of current coverage." The pricing is based on policies offering a Future Purchase Option feature which allows the individual to add to their coverage in future years without having to meet health qualifications.
"The Future Purchase Option is an ideal way for women with more limited budgets to lock in some affordable long term care insurance now," Slome adds. "They take advantage of the current lower pricing and any increases they may opt for are also priced using the current formula, truly one of those win-wins."
Not all insurers offer money-saving options like this and Slome advises consumers work with a knowledgeable specialist in the field. "Each insurance company offers different options and sets their own price for coverage and only a select few agents sell long term care insurance coverage from five or six carriers," he adds. "This is a complex product and you want to work with someone who specializes in the field and, at the same time, has your best interest at heart."
For more ways to reduce long term care insurance costs access free guides available to consumers via the American Association for Long-Term Care Insurance website or call the national organization at 818-597-3227.
"Women have the greatest need to do some long term care planning but the opportunity to take advantage of currently available low rates will end soon," declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance. The head of the national trade group explains that insurers who currently charge men and women equal amounts for coverage will soon start charging higher rates to women.
"The difference will be significant, as much as 40 percent more, so the incentive to act sooner rather than later can really result in significant savings," Slome notes. The organization reports that a single woman, age 55 who qualifies for preferred health rates will pay between $902 and $1,325 yearly for $164,000 of current coverage." The pricing is based on policies offering a Future Purchase Option feature which allows the individual to add to their coverage in future years without having to meet health qualifications.
"The Future Purchase Option is an ideal way for women with more limited budgets to lock in some affordable long term care insurance now," Slome adds. "They take advantage of the current lower pricing and any increases they may opt for are also priced using the current formula, truly one of those win-wins."
Not all insurers offer money-saving options like this and Slome advises consumers work with a knowledgeable specialist in the field. "Each insurance company offers different options and sets their own price for coverage and only a select few agents sell long term care insurance coverage from five or six carriers," he adds. "This is a complex product and you want to work with someone who specializes in the field and, at the same time, has your best interest at heart."
For more ways to reduce long term care insurance costs access free guides available to consumers via the American Association for Long-Term Care Insurance website or call the national organization at 818-597-3227.
Contact
American Association for Long-Term Care Insurance
Jesse Slome
818-597-3205
www.aaltci.org
Jesse Slome
818-597-3205
www.aaltci.org
Contact
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