Long Term Care Insurance Rates for Women Will Go up in 2013

WINSTON-SALEM, N.C. - (BUSINESS WIRE) - If long term care insurance (LTC) is not on your holiday shopping list, you may want to add it before the end of 2012 - particularly if you are a woman. Rates for females are forecast to increase from 35 percent to 40 percent by second quarter of 2013, so adding LTC now to your plan for income and asset protection makes good financial sense, say industry experts.

"Long term care continues to be a major risk for people, and yet many have put off purchasing LTC insurance to cover such things as nursing home care because of instability among carriers," said Danny Mensh, president of Mensh Insurance, located in Winston-Salem, N.C. "Now, in order to stabilize the market, major carriers are increasing rates, and Genworth Life Insurance Co., one of the largest underwriters, has filed for a new pricing structure that includes substantial rate increases for women.

"If there ever was a time to go ahead and do something," Mensh continued, "now would be that time. It's going to cost a married couple significantly more money for the same contract and same benefits once those rates change to become gender specific."