LTC Bullet: LTCI Update from Broker World
Friday, September 25, 2015
LTC Comment: Broker World magazine has published its annual long-term care insurance surveys for 2015. Highlights after the ***news.***
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Just this week, our LTC Clippings documented (1) how higher cancer incidence combines with declining cancer death rates to increase the future need for long-term care; (2) how the million dollars a typical couple can expect to receive from Social Security and Medicare is inadequate and must be supplemented by private LTCI; (3) how millennials are a target-rich demographic for LTCI sales; (4) how a dearth of geriatricians threatens care for the aged who are unable to command access by paying privately; (5) how and why debt is spreading like a malignant tumor among the elderly making LTCI protection more important than ever; (6) how a stand-by line of credit on home equity could make LTCI premiums affordable for millions more prospects; (7) how boosting the Medicare eligibility age would devastate state Medicaid programs making the welfare LTC safety net even worse than it already is; and much more.
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LTC BULLET: LTCI UPDATE FROM BROKER WORLD
LTC Comment: Every year Broker World magazine publishes surveys of traditional and worksite long-term care insurance. The surveys’ authors are well known LTCI experts, Claude Thau, Dawn Helwig, and Allen Schmitz. We’ve culled a few highlights from this year’s surveys below. Check out all the details in the July and August issues of the magazine. Be sure to subscribe to Broker World if you haven’t already.
It’s clear from the following data that the private long-term care insurance industry continues to face daunting challenges. On the other hand, it is equally true that private LTCI is playing a bigger and bigger role in financing extended care as its policies mature and claims increase. What the future holds is anyone’s guess, but a likely scenario is that publicly financed long-term care will face harder times, and the obstacles holding back LTCI will retrench.
Excerpts from “2015 Long Term Care Insurance Survey,” Broker World, July, 2015
Excerpts from “2015 Analysis of Worksite LTC Insurance,” Broker World, August, 2015