The National Conference of Insurance Legislators (NCOIL), at their July 17-18 summer meeting, held a general session on “trends and innovations” in the long-term care insurance marketplace. The session emphasized the urgency for planning ahead for long-term care needs, and highlighted the need for both public and private solutions to the problem of financing the care of aging individuals who need help to remain in their own homes.

Session panelists included representatives from the insurance industry as well as from Washington State’s WA Cares program. The panelists noted that 70 percent of Americans are likely to need long-term care. They said early education, planning and policy innovation are critically important in effectively addressing growing long-term care needs.

Panelists also noted that state and federal programs are important and a foundation for meeting long-term care needs. But, they said, private long-term care insurance is also vital to give Americans greater choice and flexibility. Addressing long-term care needs early is “essential to reduce the financial and emotional burden on families and ensure aging with dignity,” panelists said.

Prospects: Long-term care needs and how to pay for providing for them is an issue bubbling up at state and federal government levels, and is high on the priority list of issues to be addressed by long-term care providers, insurers, and groups focused on the needs of the aging population.

NAIFA Staff Contacts: Bianca Alonso Weiss – Director – Government Relations, at bweiss@naifa.org, or Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org