Price Hike for Women;
An Increase in Long-Term Care Coverage
How Does This Affect Your Legal Estate Plan?
In asset protection planning, attorneys usually consider the legal documents necessary to protect assets. But what also must be considered is the additional tool of long-term care insurance that can be very powerful in long-term care planning. However, very often people think they have time on their side and put off thinking about long-term care coverage. While you wait insurance companies are beginning to charge higher prices for long-term care coverage for women by implementing a new gender based price hike.
What will the gender-based rate increase look like?
Gender gap price hikes will begin in the early spring. New policies for women will be increased by 20 to 40 percent depending upon age and benefit package. But do not fret, not every policy type will be changing.
Why the need for the increase?
Women are living longer and utilizing their long-term care coverage. Additionally, customers very rarely let their coverage lapse so insurance companies wind up paying more. Unfortunately because of this policy prices will continue to increase for new customers.
Tips for women when considering their estate and asset protection plan:
1. Make sure your attorney and financial advisor communicate about your planning needs.
2. Work with a seasoned estate and elder law attorney for an accurate asset protection plan.
3. The sooner you plan for your future the more prepared you will be for life events that come your way.
Like many things in life, if you start planning now for your long-term care you can avoid the new rate increase. At Stefans Law Group PC, we provide services in Elder Law and Medicaid Planning, Estates and Trusts, Probate, Guardianship, and Tax Planning. We welcome the opportunity to sit with you and discuss your long-term planning needs. Contact us today at (516) 692-2744 to schedule an appointment to create a proper asset protection plan for you.