Genworth Financial, the country’s largest long-term care insurer, has announced that starting this spring it will take gender into account when setting premiums on new policies. The reason is because for every three dollars, two is spent on claims by women. This will have detrimental ramifications because:
“The change will mean that rates for female applicants could be up to 40% higher under the new pricing policy” says Jesse Slome, executive director of the American Association for Long-Term Care.
Furthermore, on top of the raise in cost, new applicants will be required to undergo a medical exam. To read more, visit NPR.