Insurers’ efforts to maximize sales while minimizing claims costs may have led to unexpected shifts in stand-alone long-term care insurance (LTCI) rates this year.
The American Association for Long-Term Care Insurance (AALTCI) has given the public a glimpse of the 2015 LTCI cost change picture in its latest LTCI premium analysis.
AALTCI says it believes the average cost of new LTCI coverage is 8.6 percent higher now than it was a year ago.
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But the rate of increase varies widely according to whether the buyer is a man, woman or couple, and whether the buyer is seeking standard, richer or leaner benefits.
Many of the insurers that have stuck with the LTCI market now charge women more than they charge men, to reflect the reality that women are much more likely to use paid long-term care (LTC) services — but insurers now seem to be increasing prices for men faster than they’re increasing prices for women.