Posted by (American Life Insurance Guide Net 07/08/2023 News) Milliman 2023 According to Broker World MagazineLong-term care insuranceIndependence by 2022, survey showsLong-term care insurance(LTCI) annual new premium sales of nearly $1.24 million, down from $2021 million in 2.
What is long-term care insurance?
Long-term care insurance, also known aslong term insurance, Long-term care insurance, the English full name is Long Term Care insurance, abbreviated as LTCi.
Long-term care insurance isProvided for insured persons who need long-term care due to old age, illness or disabilityNursing service feeCompensated health insurance.This is an insurance product that mainly pays for our professional nursing, home nursing and other related service expenses as we grow older.
The ups and downs of long-term care insurance sales
According to the survey, called Milliman, the 2022Long-term care insurance sales, which has declined compared to the previous year, but this is mainly due to theWashington State Special CircumstancesImpact.If we excludeWashington StateAccording to the data, in fact, sales increased by 2021% compared to 8.However, sales were still down 2020% compared to 23.
Long-term Care Insurance Sales Insurance Companies Ranking
The number of long-term care insurance sales in the workplace is only slightly more than in 2020, but sales have increased significantly.Among all life insurance companies,northwestern life insurance companyThe sales of long-term care insurance sold to companies are the highest, which is 2% more than the sum of the second and third places.
Use of long-term care insurance
Although the number of people buying long-term care insurance has declined,Total premiums for long-term care insuranceSales, however, increased by 3.5%.
One possible reason is that the premium price of long-term care insurance is now higher than before.
In general,In 2021, life insurers paid out $1360 billion in claims to policyholders, 2020% more than in 5.4.
The impact of Washington state and developments in other states
A Washington State initiative titled "Washington State Long Term Care" bill stimulated long-term care insurance sales in 2021, but in August 2021, according to the American Life Insurance Guide NetworkReport.Major life insurers essentially stop accepting applications from Washington state residents.Still, some long-term care policies are being covered by insurers in 2022 because of a previous backlog of applications.
In addition, other states, such asCalifornia, New York, Minnesota and Massachusetts are considering similar policies.
These data and trends tell us that the demand for long-term care insurance and the policy environment are undergoing drastic changes, and the future is full of uncertainties.Whether you are fully prepared for the more severe elderly care situation in the future is an unavoidable question for every family. (full text)
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*"2023 Milliman Long Term Care Insurance Survey", 07.01.2023, Broker World, https://brokerworldmag.com/2023-milliman-long-term-care-insurance-survey/
