The long term care market continues to be in turmoil for group benefits and voluntary producers. You probably noticed the federal government couldn’t figure it out and has punted as of a recent announcement by HHS Secretary Kathleen Sebelius. “Health officials said that after 19 months of analysis, they could not come up with a model for the so-called CLASS Act that keeps it voluntary and budget-neutral.”
The group insurance carriers haven’t been able to figure it out either. The number of carriers that offer workplace group LTC insurance coverage has significantly diminished. Some would say has been eliminated. If you’re thinking, “They haven’t had time to figure it out? Not hardly, I made my first group long term care presentation in to a large employer in 1987. The industry has had plenty of time to build credible data and to price and/or create a stable market.
