2025 SOA Valuation Actuary Meeting: Session 3A: What's Next For Long-Term Care Actuaries?-08.18.25-Recording

Long-term care insurance (LTCI) covers the cost of long-term care services and supports, which can include skilled nursing, assisted living facility, and home-based care. LTCI may be used both to cover care costs and protect beneficiaries’ assets. The rapidly increasing number of older people in the United States will greatly increase the need for long-term care. As the landscape of long-term care continues to evolve, recent trends indicate a significant shift towards product design innovation, inforce management strategies, and policyholder engagement. This session will address several facets of the current state of LTCI as well as potential future evolutions of the product. As part of the session, panelists will discuss innovations in policy design that are gaining momentum in the LTCI market. In addition to the continued presence of traditional standalone LTCI products, “hybrid” or “linked benefit” products now play a significant role in the marketplace and may address concerns of policyholders paying for but never using benefits. Another newer alternative, short-term care, which offers up to 12 months of coverage also appears to be gaining momentum to help address the needs for long-term care. Additionally, panelists will discuss strengthening their data analytics and policyholder engagement approaches to implement claim and pre-claim management strategies including wellness programs and programs to identify and minimize fraud, waste, and abuse. By addressing these critical facets of LTCI products, we aim to equip actuaries with the knowledge and tools needed to navigate the dynamic LTC market. The learning outcomes of this session include:— Understanding the evolution and current state of long-term care insurance— Understanding the spectrum of “linked” LTC products and how they compare with traditional, stand-alone LTC products— Understanding wellness programs and how these programs help insurers in managing their risks— Understanding methods to minimize fraud, waste and abuse and how these programs help insurers in managing their risks