In spite of the growing need for long-term care financing, two observations about the current state of long-term care insurance market are inescapable: Recent sales are stagnant relative to the perceived demand, and the number of insurance companies offering long-term care insurance is dwindling in both the individual and the group markets.
These are clues that the current product offering is perhaps not working well for consumers and insurance companies. This article explains some of the shortcomings of today's products and suggests a different approach.