Genworth Financial to Charge Women More for Insurance
With the Health Care Reform many women are happy they won't have to pay a higher insurance than men. Though, elderly women may end up paying more for long-term care insurance according to a loophole left by Obamacare.
Genworth Financial, the largest U.S provider of long-term care insurance has plans to charge some women higher premiums than men for the same health cover according to Kaiser Health News reports. This would apply to women who bought new individual long-term care policies.
"Claims experience shows that two out of three of Genworth's current claim dollars are paid to women," Genworth Financial spokesman Tom Topinka wrote in an email to The Huffington Post on Saturday. "Our decision to charge women applying individually for long term care insurance higher premiums than men beginning this April has nothing whatsoever to do with The Affordable Care Act."
Starting from 2014, Obamacare will ban gender discrimination in the pricing for small-group and individual health insurance policies. According to the Center for American Progress, presently - women pay $1 billion more in premiums than men. This may be due to the fact that women require more health care facilities than men. Though from 2014, Obamacare will ban insurance companies from denying insurance coverage to women.
References:
Hannah Punitha (IRDA Licence Number: 2710062)
Bonnie Kavoussi, 3rd March 2013
Source: Medindia