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Archives for July 2016

LTCi Rates Are Stable

July 11, 2016 by Honey Leave a Comment

LTCi Presenters 2016On June 27, 2016, I attended a landmark long-term care insurance (LTCi) presentation. It took place at the www.NAHU.org Convention in Albuquerque, NM. My colleagues and I produced the session as part of our work on NAHU’s National LTC Advisory Committee. Actuaries spoke in clear, lay language and explained why very sound, long-range actuarial evidence indicates today’s LTCi policies should be very immune to future rate hikes. The actuaries giving the talk do not work for a particular LTCi carrier; they are members of the Society of Actuaries (www.soa.org)

I have written about LTCi rate hikes before.

The reasons actuaries are very confident today’s LTCi policies will suffer few, if any rate hikes are:

  • Current LTCi pricing assumptions are based on claims data that is much more extensive now than existed just a few years ago.
  • Current LTCi policies are priced to insulate against future rate hikes. Today’s LTCi rates are higher than they were 14 years ago but still reasonable.
  • Competitive LTCi plans now have prices that are much closer to each other than they used to be. This indicates actuaries agree on what carriers will experience.
  • Today’s LTCi rates have been priced with much lower policy lapse rate assumptions (0.6% lapse rates).
  • Today’s LTCi rates are now based on today’s very low investment performance (4.6% interest in all policy years).
  • Today’s LTCi policies are required to assume claim rates that are at least 10% higher than are actually expected.

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC Tagged With: Long Term Care insurance, LTCi, LTCi pricing

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Honey Leveen, LUTCF, CLTC, LTCP
“The Queen, by Self-Proclamation, of Long-Term Care Insurance (LTCi)”
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Phone: 713-988-4671
Fax: 281-829-7177

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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