Private long-term care insurance coverage costs somewhat less for single men this year, somewhat more for single women, and a little more for couples.
The American Association for Long-Term Care Insurance (AALTCI) has reported figures supporting that assessment in a summary of results from a survey of LTCI issuers.
When AALTCI conducts the survey, it tries to be rigorous about using standardized consumers who are buying a standardized package of benefits.
The group assumes the consumers live in Tennessee, that the individual coverage buyers are 55, and that the married buyers are 60.
The group assumes the consumers buying the “best” coverage will want a policy that provides $164,000 in immediate protection and grows at a rate of 3 percent compounded annually.
Many carriers have switched to “sex distinct” pricing this year, from unisex pricing.
For a 55-year-old woman who buys LTCI coverage, the typical price is now $2,307 per year, up 12 percent from the 2013 unisex rate.
For a 55-year-old man, the typical price has dropped about 15 percent, to $1,765.
For a 60-year-old man and a 60-year-old woman who buy coverage as a couple, the average price has increased 3 percent, to $3,840.
AALTCI Executive Director Jesse Slome said coverage prices can vary widely.
“One insurer will literally charge more than double for virtually the same level of benefits,” Slome said in a statement about the survey results.