Oliver Wyman's LTC Lowdown - March 2024 Edition
There's always activity in the LTC industry - from carriers to state policymakers and the federal government. We understand it can be hard to keep track of it all, so we are pleased to share Oliver Wyman's newsletter, the "LTC Lowdown," with CLTC members!
active CLTCs only
Long-term care insurance prices are down: Here's why you should buy a policy now
In today's inflationary environment, it can be rare to see the price of anything decline — especially anything of any substantial value. But that appears to have been the case for long-term care insurance premiums last year.
The best times to get cheap long-term care insurance
Purchasing long-term care insurance can be a smart move, as long-term care can be costly, especially if you're paying out of pocket. And, when you factor in that most adults will need some type of long-term care after the age of 65, it can make even more sense to consider a long-term care insurance policy.
How to buy long-term care insurance now
Did you know that a private room in a nursing home costs, on average, about $9,800 per month in 2024? And, while home health aides cost less on average, the nearly $6,000 per month price tag can still be difficult to afford out of pocket.
The 5 best times to buy long-term care insurance
When it comes to the cost of long-term care, paying out of pocket may not be feasible for most Americans. According to a 2023 survey conducted by KFF, an independent health policy research firm, about 90% of adults say it would be difficult or impossible to pay the estimated $100,000 for one year at a nursing home.