If the long-term care market is “broken,” why are some experts calling this year the year to buy the product?
“The current private long-term care insurance market is effectively broken,” says Gretchen E. Alkema, vice president of policy and communications at the SCAN Foundation of Long Beach, Calif. “It has never held more than 10% of the potential market and many insurers have stopped offering these policies altogether. Reasons for lack of uptake are many: lack of public understanding and interest, high monthly premiums, and underwriting standards that make it difficult for individuals to qualify for coverage.”
