“Long-term care costs could reach $5.6 trillion by 2047: report,” by Lois A. Bowers, McKnight’s Senior Living Quote: “The lifetime cost of paid long-term care for those aged 70 or more years collectively could swell to $5.6 trillion by the year 2047, according to a study released Thursday by professional services firm pricewaterhouseCoopers. “Other findings in the report: 25% of the time, the expected individual cost of long-term care services is less than $26,000, and another 25% of the time, costs are more than $240,000. A 5% chance exists that the expected cost is more than $578,000, according to the
Read More

“Why advisers should be offering critical illness policies,” by Pam Jenkins, Employee Benefit Adviser Quote: “Heads up advisers: Critical illness insurance is turning 35 this year and sales are booming. This voluntary benefit has seen double-digit growth each year from 2010 to 2016, according to the Eastbridge U.S. Voluntary Worksite Sales Report. Overall, sales for that period grew approximately 175 percent, to more than $550 million, and now exceed sales of long-term disability, universal/ whole life and cancer policies, per Eastbridge. A big reason for the growth is that the product continues to change to meet demands. For a benefits
Read More

“NAIFA Launches Center For Excellence In Long Term Care,” InsuranceNewsNet Quote: “The National Association of Insurance and Financial Advisors will launch the NAIFA Center for Excellence in Long Term Care to equip agents and advisors with information, designation and educational resources in order to meet consumers’ growing needs for advice and solutions in long term care. Carroll Golden, the Center’s director, announced the launch today before attendees of ILTCI 2018, the Intercompany Long-Term Care Insurance Conference. … Scheduled to launch in mid-2018, the Center will be supported and housed on www.NAIFA.org. Visitors will have 24/7 access to a range of
Read More

“Formal Cost of Care,” by Stephen D. Forman, LTCA Weekly Reader Quote: “Formal Cost of Care: Price Waterhouse Cooper analyzed 223,963 claims worth $14.8B of payments from carriers representing 72% of the inforce population to produce the report: “Formal Cost of Long-Term Care Services.” It concludes the average lifetime cost of formal care (i.e., excluding informal services) is $172,000. As you can see from Figure 4, a quarter of the time, the cost is less than $26,000, while another quarter of the time it’s over $240,000, and there’s a 5% chance of exceeding $578,000. In Figure 5, we see that
Read More