From the Desk of
I have received questions over the last few years about the price of LTC for men vs women and wanted to share some context around the topic.
In the past, long term care insurance companies used unisex pricing, meaning males and females paid the same price for long-term care coverage. Due to the projected claims data, carriers including Mutual of Omaha moved to gender pricing.
According to the U.S. Department of Health and Human Services, most people turning age 65 will need long-term care services at some point in their lives. Our claims data shows that women receive more care than men.
We have created a LTC claims piece to help with the LTC conversation.
This piece shares insights into statistics on who needs care.
- Women account for 64%
- Men account for 36%
- Average age when a claim begins is 81
Remember: We sold our first long-term care insurance policy in 1987, and since then we have paid over 1.3 billion in benefits to long term care policy holders. Mutual of Omaha’s claims paying ability reflects a continually strong financial position. Our status as a mutual company allows us to focus on the long-term needs of our policy holders instead of the short-term demands of the stock market. As a result, we’re able to weather economic uncertainties and remain strong, stable, and secure.
Thank you for your continued partnership and commitment to the LTC industry!
LTC Sales Director