New report empowers consumers to make informed choices about their
long term care coverage options
EDEN PRAIRIE, Minn.–(BUSINESS WIRE)–LTCG, the leader in business process outsourcing for long term care
(LTC) insurance, has just released its newest Cost of Care Study. This
study identifies the costs of a variety of long term care services
including those provided in the home (both skilled and personal care),
in an assisted living facility, in a nursing home and in an adult day
care center. The data used in this analysis is based on survey results
from more than 42,000 providers of LTC services from across the country.
This comprehensive annual report provides detailed information on the
cost of LTC services and facilities nationwide, covering more than 203
Metropolitan Service Areas (MSAs) in the United States.
More than 12 million Americans are currently paying for some type of
long term care services. Yet few consumers understand how to accurately
predict these costs and secure coverage that meets their needs as they
age. To address this issue, leading long term care insurers purchase
LTCG’s Cost of Care Study to educate and inform their brokers, financial
representatives and potential customers. The insights from this report
can help individuals pinpoint the amount of long term care coverage they
may need based on their own goals for covering this liability, care
preferences and geographic area where they live or plan to retire. This
study can also aid existing LTC policyholders as they make decisions
about their own plan, for example, modifying coverage to address a rate
increase. Insurers can private label LTCG’s Cost of Care Study, cobrand
it with their company name or offer it to their stakeholders directly.
LTCG uses the data published in this report to inform its Unified
Provider Database (UPD), a robust collection of data on an extensive
range of over 100,000 LTC providers. UPD is used by LTCG’s staff members
as they provide guidance to policyholders of their client companies
during LTC claims and customer service interactions. The information
contained in this study, along with other claims and LTC data, is also
used by LTCG’s Actuarial Insights team who are responsible for analyzing
volumes of information related to long term care risks and providing
data-driven guidance that helps insurers understand LTC market trends,
challenges and opportunities.
“Long term care is a very complex industry and yet consumers are often
making important decisions about this without all of the information
they need,” said Stephen Holland, MD, Chief Medical Officer of LTCG.
“That’s why LTCG’s Cost of Care Study was developed. The insights
offered through this report help consumers plan for their future. The
Cost of Care Study is a useful tool to maintain independence through the
aging process and to support people’s desire to preserve their financial
For more information regarding LTCG’s Cost of Care Study please
contact Adam Hoffman at 317-706-8118 or adam.hoffman@LTCG.com.
Or for a web-based demonstration, visit http://www.ltcg.com/our-services/cost-of-care/.
LTCG is the leading provider of administrative solutions, assessments
and clinical services to the long term care insurance industry. With
over two decades of experience LTCG currently manages over one million
policies, handles over 40,000 active claims, and serves more than 50
carriers nationwide. The company addresses all types of customer needs
and policy requirements—from application processing and underwriting of
new business to claims and administration of open and closed blocks.
LTCG’s advanced data analytics, actuarial and risk management
capabilities and industry expertise can help insurers better manage
their business and support the development of emerging products such as
hybrid life/long term care policies. In addition, LTCG provides clients
with unique insights on risk management built upon the industry’s
largest database of long term care underwriting and claims outcomes. For
more information, visit www.ltcg.com.
Adam Hoffman, 317-706-8118