NEW YORK, March 9, 2022 /PRNewswire/ — As if gender pay gaps weren’t sufficient, single ladies face one other monetary hurdle: insurance coverage. Though varied elements might come into play when reviewing insurance coverage prices, there is no mistake that girls are paying extra throughout the board.
In accordance with ValuePenguin’s most up-to-date examine, single ladies pay twice as a lot for medical health insurance than single males and so they additionally spend increased percentages of their earnings on auto and life insurance coverage.
- Single ladies spend practically twice as a lot of their earnings on medical health insurance as single males. Single ladies spent a median of $2,406 on medical health insurance in 2020, or 6.8% of their annual earnings. Single males paid $1,896on common, or 3.9% of their annual earnings.
- Single ladies put the next proportion of their earnings towards medical health insurance than males in all ages breakdown. This hole widens with age. For instance, single ladies 65 and older spend 11.7% of their annual earnings on medical health insurance — greater than three proportion factors increased than males of the identical age (8.4%).
- The identical situations maintain throughout each earnings breakdown. Single ladies who earn lower than $15,000 a yr pay a whopping 20.7% of their earnings, on common, towards medical health insurance — versus 15.7% for males.
- It isn’t simply medical health insurance both, as single ladies put increased percentages of their earnings towards auto and life insurance coverage than single males. Girls put 2.4% of their earnings, on common, towards auto insurance coverage, versus 1.9% for males. And girls put 0.7% of their earnings, on common, towards life insurance coverage, versus 0.4% for males.
View full report: https://www.valuepenguin.com/insurance-costs-gender-gap-study
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