“American Academy of Actuaries Examines COVID-19’s Potential Impacts on Long-Term Care Insurance”

American Academy of Actuaries Examines COVID-19’s Potential Impacts on Long-Term Care Insurance,” by American Academy of Actuaries, Cision PR Newswire


Quote:

“A new issue brief from the American Academy of Actuaries applies actuarial expertise to provide an understanding of how COVID-19 could impact long-term care insurance (LTCI), including LTCI delivery, demand, and markets, as well as new public policy considerations. …

COVID-19 could have other meaningful impacts on LTCI, including:

  • Mortality and morbidity changes if they affect claim periods and/or claims incidence compared to what was previously expected.
  • Changes in the demand/delivery for long-term care services such as the increased use of telehealth.
  • Changes in policy lapse rates due to economic conditions or fear of infection in care settings.
  • Delays in LTCI regulatory filings or approvals, and/or the introduction of charges or costs affecting insurer margins or insurer solvency of potential concern to regulators.

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Finally something solid about the potential impact of Covid-19 on private LTC insurance.