Is traditional long-term care insurance still viable?

Reporter: David LaMartina

Publication: ThinkAdvisor


Deadline: Apr 25, 2017 4:00 pm

In the 90s and 2000s, many insurers miscalculated LTCI rates and poorly predicted utilization – and they’ve been seeking rate hikes ever since. Many companies have left the market altogether, and the ones that remain seem to be making their policies more expensive. With prices rising, rates variable and utilization rates increasing, is traditional long-term care insurance still viable? This article will examine whether traditional long-term care insurance is a viable funding option for retirees and pre-retirees – and whether it’s good idea for advisors to keep recommending it to their clients. What is the future of LTCI? Are asset-based policies the only solid option, or are there still cases in which a traditional, standalone policy makes more sense? Are rate hikes as big a concern with policies purchased today as they are for policies purchased 10-20 years ago? Overall, what does the future of long-term care insurance look like? Requirements: I’d like to speak with financial advisors who are well-versed in long-term care planning for retirees and pre-retirees.

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