I’ve just returned from the largest long term care insurance (LTCi) conference in the world and my head is still spinning! I got to experience so many fantastic speakers and participate in some great conversations. Throughout the week, I mingled with about 1,000 actuaries, claims people, insurance regulators, top management and marketing colleagues. One of the highlights of my year, it is always invigorating to spend time with these professionals in the LTCi industry.
The LTCi Industry is Alive and Kicking!
I am happy to report that the LTC insurance industry is alive & kicking and in solid financial condition. New asset-based LTC products have given the industry an additional boost. Known as “combo” or “hybrid products, these solutions are helping more and more people find ways to protect their future.
What has not changed over the years is the #1 reason people postpone or even avoid purchasing this important coverage. They just don’t believe that they’re going to need professional medical care in their later years. They convince themselves that the government will pay for it if they do. The media often portrays LTC insurance in an undeserved negative light. If an article describes a family’s tale of hardship, the fact that their LTCi coverage actually helped gets buried. LTC is truly the Rodney Dangerfield of insurance!
The need to protect ourselves from the high risk and high costs associated with LTC is not going away. In fact, the need is growing as the Boomers age. For most of us, there is still no better way to fund long term care than with insurance. Fortunately, the LTCi industry remains committed to offering excellent policies at reasonable cost.
There is still no substitute for the dignity, choices and access only LTC protection provides!
Is LTC insurance the right choice for you? Click here to receive your personal quote for Long Term Care coverage.