McKnight's March 23, 2025
As recently as the mid-’90s, many believed long-term care insurance would become the third pillar of the LTC financing stool, alongside private savings and limited government support.
Ah, those were the days, my friend. Insurance company booths were a fairly common sight at trade shows, as more than 100 firms clamored to manage that risk. These days, the total is closer to five.
Rising life expectancies and care costs that far exceeded actuarial predictions led to premium hikes and fewer companies willing to offer policies. The dream of LTC insurance as a mainstream product seemed more like a nightmare.
But could recent changes offer a glimmer of hope? It’s a long shot, but changing products and marketplace/policy realities just might...
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