Some suggest we may be heading for the golden age of long-term care insurance. I hope so.
In 2002 when I started in this specialized insurance niche the industry reported $1.5 billion in new standalone premiums. A decade later the premiums had dropped to $600 million. Now the latest numbers for 2021 indicate total standalone premiums dropped again to $200 million. And that includes sales in Washington State where the incentive to buy private insurance and avoid a payroll tax was huge.
So why would anyone think we might be heading for a golden age? We have several in the first entry below…