Long-Term Care Claims from Women

Most New Long-Term Care Claims Are Filed by Women

While deciding to purchase long-term care insurance is a complex decision, it is one that women, in particular, may want to spend some time considering. Nearly two-thirds of new claims under long-term care policies in 2011 were made by women, according to the latest data from an industry group. The data was reported by the American Association for Long-Term Care Insurance in its annual “sourcebook” released this summer.

Women have longer life expectancies than men, and are more likely to live alone at advanced ages, said Jesse Slome, the association’s executive director. “Women live longer and are more likely to ultimately have a need for long-term care,” he said. At the same time, women have lower incomes than men on average, so affording long-term care insurance can be more challenging for them, according to the AARP.

But rates for long-term care insurance currently are unisex, Mr. Slome said. That is, despite the difference in use of the benefits, a single, 65-year-old man living alone will pay the same rate as a single, 65-year-old woman living alone.

The long-term care association’s report notes that the largest open claim, filed by a woman who has been receiving benefits under her policy for 15 years, had reached $1.7 million in benefits.

The report also noted that home care is becoming increasingly prevalent: last year, half of new claims filed were for home health care. New claims filed by women receiving home care represented about a third of all new claims last year.

Alzheimer’s disease was the leading cause of filing claims for a nursing home or assisted living community, and cancer was the top cause for claims that began at home.Although about a quarter of claims begin when the policyholder is age 70 to 79, most claims — nearly 66 percent — begin when the holder is 80 or older.

Do you think it is more important to have long term care
insurance if you are a woman?
(Email us your comments and answers to info@adgreferralservices.com)

Source: Ann Carrns of Bucks, Blogs, New York Times

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