WASHINGTON, Jan. 7, 2021 /PRNewswire/ — ATI Advisory, a research and advisory services firm working to transform the delivery of healthcare and aging services for older adults, and LeadingAge LTSS Center @UMass Boston released new analysis that shows significant benefit value contained in private long-term care insurance policies in force today.
With support from the Anthem Public Policy Institute, ATI Advisory and LeadingAge LTSS Center @UMass Boston analyzed data on private long-term care insurance (LTCi) policyholders who purchased policies between 1995 and 2005 to understand national and state-level in force policy value, buyer demographics, and the likelihood of buyers’ Medicaid eligibility in absence of their LTCi policy.
“We estimate that among individuals who bought policies between 1995 and 2005, nearly $800B in benefit value is available to pay for LTSS expenses. To put this in context, in 2016, the Medicaid program spent just over $100B annually on LTSS for older adults and individuals with physical disabilities,” said lead researcher Marc Cohen.
These findings point to an important opportunity for state policymakers to adopt policy and regulatory approaches to support the retention of benefit value in current policies. Doing so would help to protect states’ and individuals’ financial resources.
“Like so many things, COVID-19 heightens the need for intense focus on addressing our regulatory system’s ability to ensure that policyholders retain as much private long-term care insurance benefit value as possible. As this study shows, there’s too much money on the table to let it slip and too much at stake both for individuals and the largest public payer of care – Medicaid,” said Anne Tumlinson, CEO of ATI Advisory.
See the full analysis and recommendations for states to protect individuals and public resources: https://atiadvisory.com/significant-financial-benefits-locked-in-ltci-policies-in-force-today/.
About ATI Advisory
ATI Advisory is a research and advisory services firm working to transform the delivery of healthcare and aging services for older adults. By providing insight and strategy backed by original research, ATI helps organizations lead and deliver change in senior healthcare and long-term services and supports systems. For more information, visit www.atiadvisory.com.
About LeadingAge LTSS Center @UMass Boston
The LeadingAge LTSS Center @UMass Boston is a research Center that translates research into policy and practice to improve quality of care and quality of life for older vulnerable adults. For more information, visit https://www.ltsscenter.org/.
SOURCE ATI Advisory