Women Face Higher Costs – Wall Street Journal – 11/24/12




The Wall Street Journal

Weekend Investor – Family Value – November 24, 2012

Women Face Higher Costs

 By Kelly Greene

Shopping for long-term-care insurance is about to get even trickier for families—and potentially costlier.

Until now, insurers have charged the same premiums regardless of gender for the policies, which help pay for future nursing-home, assisted-living and home care. But beginning early next year, Genworth Financial, the largest long-term-care insurer, plans to start charging women applying for coverage as much as 40% more than men.

Comments November 24, 2012

Outsmarting Long Term Care Insurance Companies

When each spouse of a married couple purchases a long term care insurance policy, different insurance companies apply couples discounts of 30%-40% on each policy. Based on the age of each spouse the dollar amount of the discount may be greater than the cost of the second policy – meaning the insurance essentially pays you to buy a second policy.

For example, it costs $2,563 for a healthy 58 year-old to buy $200 per day of coverage, for three years of care, with 5% compound inflation protection. Yet, it costs a combined $2,258 for two policies when the healthy 42 year-old spouse purchases a policy with the same benefits. The insurance company essentially pays the couple $305 ($2,563 – $2,258) when they purchase a second policy.

Let us research the market and design a long term care solution to meet your needs and budget at:

Aaron Skloff, AIF, CFA, MBA
CEO – Skloff Financial Group

Aaron Skloff, Accredited Investment Fiduciary (AIF), Chartered Financial Analyst (CFA), Master of Business Administration (MBA), is the Chief Executive Officer of Skloff Financial Group, a Registered Investment Advisory firm. The firm specializes in financial planning and investment management services for high net worth individuals and benefits for small to middle sized companies.  He can be contacted at www.skloff.com or 908-464-3060.

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