Long Term Care Insurance - US - February 2011
Long Term Care Insurance – U.S. – February 2011 looks at the current marketplace, the implications of regulatory changes, and how consumer attitudes are changing in relation to this product. Research conducted for this report tells us that awareness of long term care insurance and ownership of this product is not as high as it could be. However, there is some thought that the Community Living Assistance Services and Support Act (CLASS Act), which is included in the healthcare reform legislative package passed in 2010 could help raise awareness somewhat.
The industry itself has experienced some turmoil as some insurers have exited the business and others have substantially increased premiums. Mintel’s consumer data shows that Baby Boomers and others recognize the intrinsic value of long term care insurance but haven’t opened up their wallets yet to buy, due to a number of factors. Because of this, companies are innovating in order to find new ways to attract buyers. For instance, hybrid products are being created that tie in long term care benefits to annuities and whole/universal life insurance products.
The long term care insurance industry is going through a significant amount of change. Some established industry leaders have discontinued offering the product, making the industry less fragmented but still competitive. Consumers are somewhat convinced that they need long term care insurance, but the industry is having a difficult time spurring them to act on it. With this in mind, this report looks at various trends and developments impacting the industry, such as:
- Society at large is just emerging from a major recession. Will this influence Baby Boomers to spend less on “stuff” and more on preparing for a more secure future for themselves and their families? More specifically, will this translate into an awareness that they need to arm themselves with long term care insurance (LTCi)?
- To what extent will the CLASS Act portion of the 2010 Healthcare reform bill affect the industry?
- Consumers are most likely to say that they have not purchased LTCi because it is too expensive. To what extent can or will the industry become proactive in addressing this concern?
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