By Peter Goldstein | July 27, 2021
If there is one thing that the pandemic has taught us in the long-term care (LTC) insurance space, it’s that aging individuals want to access care at home.
They not only appreciate the convenience of in-home care and support, they also want to maintain independence in order to stay in their homes as long as possible.
While achieving this goal ultimately benefits both the LTC insurance policyholders and insurers — who are facing rising claims costs — helping people age in place isn’t always easy. That’s because carriers have historically had very little insight into the health history and risk factors of these policyholders.
This lack of data is largely due to the unique product lifecycle of LTC insurance. Policies are usually sold years or even decades before individuals actually need to use them, and during this time period, insurers have a very incomplete picture of a policyholder’s pre-claim health history, needs and challenges.
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