COVID Pandemic Rocks LTC Insurance Industry

Nursing homes became the center of attention during the height of the pandemic, with residents and staff accounting for almost a third of all COVID-related deaths in the U.S. As a result, the insurance market for long-term care (LTC) was upended and many people are reevaluating their options. For those seeking LTC insurance now, there's a renewed interest in home-care policies, but insurance companies are implementing more stringent underwriting requirements. The market proved more lenient for those who had insurance prior to the pandemic.

Partner F. Michael Zovistoski has aided multiple clients with securing their LTC benefits and noted there were few, if any issues, that arose for people already covered. "Our clients largely did not experience issues with coverage or benefits," he said. The primary issues arose from members being unable to pay premiums on time, as well as "some minor delays in back-office services as insurance company employees settled into working at home."

Read the full article published by Financial Advisor Magazine.