Filed Under:Health Insurance, Ltci

Alzheimer's panel gets LTCI update

Low lapse rates, low interest rates

Alzheimer's disease plaque. (University of Pennsylvania School of Medicine Photo/James Eberwine)
Alzheimer's disease plaque. (University of Pennsylvania School of Medicine Photo/James Eberwine)

Marc Cohen met with a combination of warm interest, confusion and skepticism today when he gave a federal Alzheimer's panel a talk on the state of private long-term care insurance (LTCI).

The panel, the Advisory Council on Alzheimer's Research, Care and Services is supposed to help the U.S. Department of Health and Human Services (HHS)coordinate a war against Alzheimer's disease and other forms of dementia.

The overall level of market penetration is under 10 percent, but about 16 percent of people ages 65 and older with incomes over $20,000 per year seem to have private LTCI, Cohen said.

One woman on the council reported having vague memories that her state had tried to support sales of private LTCI and asked whether states were doing anything to support private LTCI carriers today.

The agency found through focus groups and other means that most consumers have no idea what "long-term care planning" is, feel angry and stupid when a website talks about that, and hate the idea of an HHS website offering an LTC "Plan Builder" too.

"Our audience is not ready" to hear about LTC planning, McKay said. "We could not sell that to save our lives."

Other participants said some other communities would find campaigns presenting caregiving as a burden would be unacceptable.

CFPB Office for Older Americans

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Nichole Morford

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