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LTC Resources & Education for Your & Your Client

The Concern for LTCi
 
There continues to be confusion and concern in the long-term care arena.  Many are looking beyond traditional LTC insurance with fewer companies offering traditional coverage and continued price increases from those who no longer offer it.  Further concern has been raised with the fall of one of the original long-term care specialty companies. 
 
Penn Treaty was an early entrant in the long-term care marketplace and in 2017 they entered receivership.  The costs to State Guaranty Association’s across the country are expected to be over $3 billion to cover claims.  If your client already owns a long-term care policy, you may want to review and perhaps scrutinize it if you are not familiar with the company. 
 
Penn Treaty never expected there to be as many claims as there were.  They never expected such a high retention rate.  They never expected to pay today’s costs for care.  Whether you are protection or probability focused in your business, having a conversation with your client about long-term care planning is vital. 
 
LTC Stats
 
Many statistics are thrown around regarding long-term care.  Below are two resources discussing current claims and stats.  The chance of needing care for someone age 65 ranges from 50% to 70%. 
Some describe this difference as needing help with one versus two activities of daily living.  Of course, most policies require two ADL’s to go on claim.  These findings certainly explain the high price of premiums – it is due to the high and growing need for care.
 
75 Must Know Statistics from Morningstar
 
2019 Milliman LTC survey  – analyzes the traditional LTCi marketplace including what is available and what is being purchased.
 
Education for You & Your Clients
 
We not only want to help educate you, we want to help you educate your client.  Our Insurance Insight™ titled “The First Step” is a great way to start the education process.  The Questions are the Key™ page of this insight helps ask the right questions to find out how they feel about the topic. 
 
LTC Planning – Taking The First Step
 
If your client expresses interest in protection you may want to be able to describe the options available in the marketplace and how they compare.  Call us at 708.307.2577 to learn more.

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