Long-Term Care Insurance: Observations on long-term care problems to solve
Fred Andersen, Chief Life Actuary, MN Commerce Department, Insurance Regulator.
Andy Whitman, Facilitator for UMRA Finance & Legal Group
- LTC impacts most of us in some way
- Funding and accessing care are the biggest issues
- Insurance is a piece with various options and innovations coming up
- Savings can work out unless it's a costly case
- Expansion or evolution of programs – necessary to help reduce distress for many
Members Submitted Questions answered during the presentation.
- Will my significant investment in LTC insurance pay off? What if the company goes bust? I'd also like to be prepared for cost increases. Also, how much red tape will be involved when I need to receive the benefits of this policy?
- I have had long term care insurance, paying in since 1988. I am now 91, widowed, and in relatively good health. I need some household help and cooking help, but there is a test to see if you qualify for care and it is based on activities of daily living (ADL) and a cognitive test. I think I will flunk the test.
- My husband and I purchased long term care coverage in 2014. We did this after a representative gave a presentation at the University of MN. The premiums have steadily increased over the years. What are the chances that this company will be solvent when and if we need this care?
- Do I really need additional health insurance?
- Would I be better off putting the money in an equity, like S&P?
- Is it worth it to get insurance for long term care in a care facility?
Long-Term Care Insurance: Observations on long-term care problems to solve
Mon, Oct 13, 2025, 10am
By Fred Andersen, Chief Life Actuary, MN Commerce Department, Insurance Regulator.
Registration is required to attend and for a recording: Registration Link:
https://umn.zoom.us/meeting/register/MgoK6Ay-SqyGtlB-MUBylA
Please tell us about issues that we should cover in our fall 2025 zoom session.
Please email suggestions to me. [email protected].
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