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September 2016 LTC Newsletter

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LTC in the News

The word is spreading. Major news outlets are letting the American people know the importance of long-term care planning. Are you? Here are a few third party articles.

Top News

Survey Indicates Consumers May Have Greater Confidence in LTCI

Consumers talk to market researchers about why they got covered. Here are just a few of the highlights:

  • Consumers are generally happy with LTCi purchase (less than 5% dissatisfied)
  • Consumers felt they had good claims filing experience (two-thirds less believe insurers won’t pay claims, than in 1990)
  • Since 1990, number of insureds buying inflation protection has almost doubled
  • Annual premium over the last 25 years has increased but is still less than $2800 per year on average
  • Greater percentage of buyers now purchase in order to protect assets and/or leave an estate

Read more

How Senior Care Impacts Families Financially, Emotionally and in the Workplace

Nearly half of American adults in their 40s and 50s are already in the Sandwich Generation caring for a child and an aging parent. And this will only grow. By 2050, the amount of people over 65 is projected to be 83.7 million (nearly double the rate now). Are we ready for this – both emotionally AND financially? Care.com’s 2016 Senior Care Survey results show that families are not nearly as ready for the surge of seniors needing care as they need to be. Click here to view the data and the action plan.

7 New LTC Planning Marketing Graphics

The idea of losing the ability to eat or bathe without help may be too frightening and remote for many people to grasp. But many of your clients have probably known people who have lost the ability to drive. Click here to view a table that shows the kinds of limits on driving experienced by noninstitutionalized Medicare enrollees of various ages. This table comes from “Older Americans 2016: Key Indicators of Well-Being,” a 179-page collection of aging statistics from 16 federal agencies. This report includes information on the size of the older population, aging-related behavior, and aging-related health risks and health care services. Click here for a look at six other tables from the “Older Americans” report that could be of the most use to a long-term care planner.

8 Ways Long-Term Care Insurance Applicants Are Different

People in the United States who apply for private long-term care insurance seem to be a pretty healthy bunch. Researchers found that, in many ways, the long-term care insurance applicants look as if they might be at lower risk of needing long-term care services than members of the general over-50 population. The long-term care insurance applicants were more likely to have been in the hospital and to have minor health problems. Read more

Why Should You Still Be Selling Stand-Alone LTC Policies? [Infographic]

Yes, we have all heard about the large inforce rate increases on existing policyholders… But, we’ve also heard the rationale for those mispriced plans — higher lapse rates expected, higher interest rate assumptions, lower claims usage assumed — and the fact that the currently priced products have corrected those prior assumptions.

A stand-alone LTCi policy will still provide the best benefits for your client for the lowest cost! Check out this infographic for 5 reasons why actuaries think that current LTCi policies’ rates will become more stable.

 

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