skip to main content
X

COVID Pandemic Rocks LTC Insurance Industry

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.

HAVE A QUESTION?

Please complete this form to hear from Michael Zovistoski.

Hide Firm Disclaimer

©2021 UHY LLP. ALL RIGHTS RESERVED.

UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc., and its subsidiary entities. UHY Advisors, Inc.’s subsidiaries, including UHY Consulting, Inc., provide tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors” and “UHY Consulting”. UHY Advisors, Inc., and its subsidiary entities are not licensed CPA firms. UHY LLP, UHY Advisors, Inc. and UHY Consulting are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP, UHY Advisors and/or UHY Consulting (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.