LTC in the News: Wave of long-term care insurance claims growing faster than age wave, expert says

This McKnight’s Home Care article discusses the accelerating increase in long-term care insurance claims, which is surpassing the rate of the aging baby boomer population. Industry expert and CLTC Director of Training Bill Comfort highlights that approximately 7 million Americans hold long-term care insurance policies, with nearly half purchased between 1995 and 2005; these policyholders are now reaching their mid-70s and beginning to file claims. A study by Milliman projects that claims will escalate by 260%, from $16 billion to $42 billion, by 2041. Comfort emphasizes the complexity of long-term care insurance policies, noting that ambiguities, particularly regarding coverage for activities of daily living (ADLs), can lead to claim denials. He advocates for better education of caregivers on the claims process to ensure accurate documentation and reduce misunderstandings.

Click to read the article in McKnight’s Home Care