If you have been paying attention to long-term care insurance premium rates and premium rates in general for insurance, you may have noticed that prices and of premiums keep rising for women. You may have wondered why women are subjected to these price hikes and why the prices keep rising when the illnesses may not. There are several reasons why long-term care premiums and other insurance premiums to keep rising for women. These are also considerations that you need to take into account if you are a female or if you are considering purchasing insurance for a female loved one who may need long-term care.
The lifespan of a woman is generally longer than a man. There are estimates the lifespan of a woman can be as much as 12 years to 15 years longer then men. In these cases, it is considered by insurance professionals that the cost of long-term care for a woman would last longer than long-term care for man. For many medical professionals and insurance professionals, the premiums would need to be raised because the care last for a longer period of time.
There are certain illnesses that are said to be more predominate in women than in men. Cancer for example has been seen to be more predominate in women with breast cancer leading the way in that particular area. This type of illness can have increased need for prescriptions, medical management, care, and long-term care. Because of these predominate illnesses and women the premiums have gone up due to the amount of care that needs to be provided when the insurance is used.
Cost of Care
The cost of care is one of the main reasons that premiums keep rising for women. When you consider that a woman can live up to 15 years longer than her male counterparts and that there are several illnesses that are more predominate in women than men, it is not hard to see how the cost of care can definitely go up for woman. When you obtain insurance, insurance is generally in case you needed and not because you have to have it. This means that insurance companies do not always have to pay out care options since it is not a need but it's a safety net for many people. When an insurance company is looking at having to pay out a large amount of insurance policies, then the prices tend to raise. Because women lead the way in lifespans and in predominate illnesses this means the cost of care goes up, and ultimately leads to the cost of the premium rising.
These are just a few of the reasons the long-term care premiums keep rising for women. There are several reasons depending on which school of thought you take in and which insurance company you talk to. Different insurance companies have different reasons for the rise in healthcare and the rising premium costs. In order to determine your long-term care premium costs and how much they may go up in the next few years, you will need to contact your local insurance representatives.