Premiums for long-term care insurance are soaring as providers grapple with bad guesses about the rising costs of healthcare and nursing homes.
Joyce Viets’ dad was in the life insurance business, so she knew from an early age that you have to plan ahead. “I heard about actuarials my entire life,” the Temecula resident told me.
“Genworth is one of the last long-term care providers standing,” said Amy Bach, executive director of San Francisco’s United Policyholders, an insurance advocacy group. “Most of the others have gone belly up.” “It’s not a bait and switch,” said Jesse Slome, executive director of the association. “An insurance company has to accurately project multiple things many years into the future.”
“When long-term care insurance was launched as a new product in the 1970s and 1980s, there was no historical experience -- long-term care insurance claims data -- available that actuaries could use to determine pricing,” she told me. Westermann said Genworth now has more than 1 million policyholders. She declined to say how many are experiencing rate hikes, although she said the company is “actively pursuing rate actions” for its oldest policies, “which comprise the majority of our long-term care business.”
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