Long term care statistics show the marketplace is heathy. Thank you to seasoned long term care insurance (LTCi) actuaries Chris Giese, Allen Schmitz, and Claude Thau for compiling this year’s Broker World study.
Seventeen carriers, representing 100% of the traditional LTCi market, reported.
Some life insurance or annuities are now including long term care benefits as “combo” packages, resulting in overall increased sales of LTCi policies. Sales of traditional (standalone) long term care insurance policies were 13.6% lower in 2016. Looks like the public is learning the value of folding in their LTCi needs into their overall insurance strategies.
Six long term care insurance companies carriers posted gains in sales.
Since we’re living longer…
Group and individual LTCi claims rose 11.6% in 2015. This indicates that increasing numbers of policyholders are enjoying longer lives and reaping the benefits of their LTCi coverage. LTCi often enables people to access quality home care or premium assisted living that would otherwise not be possible.
Since 1991, when statistics were first measured, through 2015, the LTCi industry has paid out $107.8 billion in claims!
When asked how many traditional LTCi carriers would still be in the market five years from now, most respondents believe the LTCi market is stable. A few believe additional competitors will enter the market.
Long term care insurance is here to stay
From my vantage point and that of most of my peers, the long term care insurance market is alive and well. As I’ve said, the need for LTCi is not going away any time soon!
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