It’s time to ponder what changes lie in store for our long term care insurance industry. Some predictions are easy to make, while others require looking into a very cloudy crystal ball.
The economy: The most recent economic indicators would lead one to believe that the recession of 2008 has truly ended, at least for many of our better-off citizens. An increased consumer confidence level could lead to more willingness on the part of consumers to protect themselves with long term care insurance.
The government: Washington will continue to be in gridlock. Little will happen in 2015, and long term care issues will be relegated to committee conversations.
The products: Current products will be sold with shorter and richer benefits. But there will be an increase of new long term care insurance products Many of these will contain elements that are common to current life insurance products. In addition, life insurance hybrid and linked products will become significant and varied.
The need: Another year has passed, and once again, the need has grown. Here come the baby boomers, now ages 51 to 69, whose parents are mostly in their eighties, getting sick and needing care. More and more baby boomers will learn from their parent’s experience that they need a long term care plan. If you are among these folks, please call us before it’s too late.