In the past decade there has been a rapid increase in gender bias where long-term care is considered. Long-term care is one of the most expensive forms of retirement that an individual can face. Though many individuals will plan for retirement properly and plan to live in a retirement community that offers long-term or assisted living care, the long-term care option can be costly. As it stands currently, long-term care can be the most costly due to the fact that it is full assisted living, full therapy and may require someone to be cared for who is bed ridden. With the cost of round-the-clock care and specialty care it is no wonder that long-term care is the most expensive form of the healthcare in the industry.
However, in recent years there is the rise of gender bias in long-term care. This gender bias is leaned primarily to women being charged more for long-term care policies than men. When combined with the increase in long-term care healthcare the combined amount can be staggering. For example, a woman who purchases a long-term care insurance policy in her 40s may be paying double or even triple the amount that a male counterpart would be paying. This is due to several reasons that insurance companies sites as legitimate reasoning for raising rates. Some of these reasons can pertain to the fact that women outlive men, most women who need long-term care are single or widowed and that women tend to have more long-term care issues pertaining to the disability after the age of 65.
Though the insurance companies can claim these different issues, and rightfully so, there is still the issue of costs. As previously stated if a woman purchases an insurance policy in her 40s she may be purchasing that policy at almost 3 times the rate of her male counterpart. This policy may be for a certain amount of long-term care on a daily basis. For example, she may purchase a $200 a day policy at three times the rate of her male counterpart. The problem with this is that there is a rising cost of long-term care insurance and long-term care coverage. This means that a $200 a day policy may be fine now, however in a decade a $200 day policy may only cover half of what the long-term care healthcare option is.
For women this can be detrimental and financially destructive. Unfortunately, there seems no end in sight due to the fact that insurance companies can cite actual statistics that show why charging a woman more than her male counterparts is good business practice. There have been several guidelines and regulations that have come before Congress and the Senate to regulate long-term care insurance costs and policy costs for women and men to an equal level. Though these have been considered they have not made their way to the Healthcare Reform Act or to other health care reform acts that may allow for this guideline be put in place. The rise of gender bias in long-term care coverage options appears to be on a rapidly growing incline with no intention of stopping.