In industry news this week, we are highlighting an update from Forbes on the Long-Term Care market.
The Traditional Long-Term Care Insurance Market Crumbles | Forbes.com | September 8, 2017
Only about 89,000 people bought private long-term care insurance in 2016, a nearly 14 percent decline from 2015, according to an industry survey. Nearly all were bought in the individual market, though about 15,000 people purchased coverage through their jobs.
The sales decline continues a stunning trend. At the market’s peak in 2002, consumers bought 750,000 traditional policies, eight times what they purchased last year.
Have you downloaded our 7th Annual Medicare Supplement Market Projection? The Medicare Supplement market continues to offer long-term sustainability. Just over 75 million individuals are expected to be enrolled in the Medicare program by 2026 (a 32% increase over 2016). CSG Actuarial research indicates Medicare Supplement enrollments will continue to grow markedly over the next 10 years, creating ever-increasing opportunities for insurance carriers, agents, and marketing organizations in the Medicare Supplement market.