Research by Medicare & You, shows that 70% of people over 65 will need LTC services and support at some point in their lifetime. LTC can affect people and families in different ways, including finances, careers, lifestyles and state of mind.
Genworth carried out a recent survey to explore the impact of LTC “Beyond the Dollars”. 58% of survey participants without LTC insurance believe care recipients would have benefited from it. These participants thought that LTC insurance would:
• Have helped relieve the financial burden of LTC, and reduce the strain on the family
• Provide peace of mind for them, knowing that their care recipients were covered
• Provide care recipients with a better quality of life and a higher level of care
With the cost of care rising and the Genworth survey revealing that LTC insurance could help mitigate negative financial and emotional impacts on both caregivers and care recipients, LTC insurance would undoubtedly benefit both parties.
The rising cost of care is also affecting group insurers. In recent years, Unum and Prudential have stopped selling group LTC while Genworth and Transamerica are implementing rate increases and cutbacks to remain profitable. In these turbulent times it will be interesting to see how the industry will overcome these issues. The ILTCI conference aims to address these issues and provide opinions and perspectives about what can be done to reinvigorate the industry.