A Recent Study on Long-Term Care Reveals Two-Thirds of Claims Are Made by Women, Frank N. Darras, Top Insurance Lawyer Offers Advice

Based on the study of the American Association for Long-Term Care Insurance, bets are that women will soon begin paying higher premiums and qualifying for shorter coverage periods

October 9, 2012

A study conducted by the American Association for Long-Term Care Insurance reveals that nearly two-thirds of new claims under long-term care policies in 2011 were made by women. The same study found that about one in four new claims occur between the ages of 70 and 79 and 65.5% at age 80 and above.

"Considering the average lifespan of a woman in America is 81.3, it becomes increasingly important that women begin thinking about long-term care, and it doesn't matter where you live, whether it is Iowa or Hawaii, every woman needs to consider protecting her future, " says Frank N. Darras, America's top insurance lawyer.

Darras believes it should come as no surprise that women claim their long-term care benefits at a higher rate than their male counterparts. Statistics show that women outlive men, typically by 5-10 years and women are also more likely to live alone than men.

"These are all things to consider when purchasing a long-term care policy. If your spouse were no longer here and your health was on the decline, who would take care of you? Or rather, who would cover the costs? It's not a topic we like to think about, but it's important to make plans," says Darras.

With news that insurance providers will soon charge different rates for long-term care insurance based on gender, now is a great time for women to buy a policy. Based on the study above, bets are that women will soon begin paying higher premiums and qualifying for shorter coverage periods.

Despite changes in long-term care and rising premiums, Darras still advises Americans, especially women, that the benefits of long-term care insurance strongly outweighs the cost. The proof is in the data.

"Many people ask me if they really need long-term care insurance. The truth is that you are gambling when you purchase it. You may pay on your policy for years and may never claim benefits. On the other hand, a policy that offers nursing home care, senior center assistance and in-home health benefits assures your long-term health needs are covered" says Darras.