Consumers often need help finding the right LTCI product The best time to buy a long-term care policy is well in advance of when it’s likely to be needed, but most Americans delay purchasing LTCI until after they have health problems or are nearing retirement age. LTCI is a long-term…
Annuities can be a tax-efficient option for long-term care Annuities with long-term-care riders became available only fairly recently, but brokerage general agent Michael Smith says they are starting to attract attention from clients. The product got a boost from a federal law that in 2010 exempted long-term-care benefits paid from…
Researcher uses prospect theory to explain LTCI demand Jeremy Pincus of Forbes Consulting Group has applied prospect-theory concepts to find out why more people don’t buy long-term-care insurance. His research says most people prefer an LTCI selling approach that emphasizes a low risk of exposure to relatively small losses, as…
LTCI sales fell, total of insureds was unchanged in 2013, LIMRA says LIMRA reported a 26% drop in the number of people who took out new long-term-care insurance policies last year, based on a survey of 24 private carriers. Premium revenue from new sales was down 30% in 2013, the…
Model aims for better-quality, lower-cost care for the elderly More than 20 states are at least partway on the path to create a health care model for elderly patients that coordinates medical and long-term care, writes Howard Gleckman. The “managed long-term supports and services” model involves states shifting responsibility for…
Survey: Baby boomers underestimate LTC costs, think ACA provides coverage More than 70% of affluent baby boomers responding to a survey said that the Affordable Care Act covers long-term-care costs, the Nationwide Financial Retirement Institute says. Nursing-home costs are expected to reach $265,000 by 2030, but survey respondents estimated that…
Annuities have become a key tool for meeting LTC costs, expert says Hybrid products involving annuities and life insurance are increasingly emerging to help cover the costs of long-term care, and advisers need to keep up with the latest developments, said Newman Long Term Care founder Deb Newman, former chair…
Long-term retirement plans must include changing needs of surviving spouse Author Dan McGrath thinks many advisers may be putting wives at risk as they help couples plan for retirement, Jack Tatar writes. Traditional strategies can do a disservice by failing to account for what happens if the primary earner becomes…
Expert: LTCI industry can take a greater role in meeting needs The individual market for long-term-care insurance is diminishing, while the group market is expanding, says Marc Cohen of consultancy LifePlans. The biggest factors holding back growth in the industry are the cost of policies and the struggle to make…
Long-term-care insurance issues are on NAIC’s fall agenda Three proposals involving long-term-care insurance are scheduled for consideration by the National Association of Insurance Commissioners’ executive committee and its plenary body this fall. They are the Long-Term Care Premium Rate Increase Model Bulletin and forms that feature long-term-care blanks for the…
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