“There’s no doubt that our growing aging population could represent a major market opportunity for financial services. Of all the sources that help fund a longer life, insurance has only a single-digit share. If insurers want to increase their aging business, they will need to find new ways to provide relevant and attractive new paths to financial security for older people, rather than purely fight for market share among traditional competitors. The aging wallet analysis shows the starting point for insurers to win the hearts and minds of older consumers and their families, and become a larger part of the funding solution. . . . Read the entire report, Who Pays For Aging?, here.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Well worth a read. The thesis is that society covers most of the cost of aging now, but its share will have to decline as the age wave crests, meaning the share of private insurance, only 5% now, can, should and will grow, but only if the industry responds creatively to the opportunity.
#goldencareagent
