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January 08, 2019 at 12:57 PM
Men will continue to pay a lot less than women do for stand-alone long-term care insurance (LTCI) in 2019, but the gap between typical rates for men and women appears to be narrowing.
The American Association of Long-Term Care Insurance (AALTCI) reports that a single 55-year-old man will pay an average annualized premium of $2,050, and a single 55-year-old woman will an average annualized premium of $2,700.
(Related: LTC Costs Continue to Rise in 2018, but Some Buyers See a Drop)
The average annual premium has increased 9.6% for men, and decreased 8.9% for women.
The average gap between the average annual premium for 55-year-old men and the average annual premium for 55-year-old women has fallen 41%, to $650.
In 2018, the average annual premium increased 12% for 55-year-old men and 14% for 55-year-old women.
AALTCI assumed when it gathered the data that the initial pool of benefits would be $164,000, and that the purchasers would choose 3% compound annual inflation protection.
AALTCI bases its LTCI premium data on a survey of insurers.
AALTCI did not say how many issuers participated in the latest survey, but it noted that the cost of coverage varied widely from carrier to carrier.
