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Oct 15, 2015 • Tom Riekse Jr

Have an idea for an innovative LTC Insurance product?

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Once upon a time (the 70's) some smart people in the insurance business created a product that helped pay for custodial care - costs that weren't covered by Medicare or Medicare supplement plans.

Those early plans evolved into today's standalone and linked long-term care insurance products.  Those plans have paid billions in claims dollars and helped millions of families plan for care.  The carriers and distributors offering them should be proud of the work they've done.

Despite their success, much work remains so that more people can plan for possible care in the future. Current products don't help a large portion of the country because of their high premiums.  Other people who can afford premiums still don't purchase because they think Medicare will pay for care.  Some potential buyers are worried about things like possible future rate increases.  Finally, some people are not healthy enough to pass health underwriting.

In that spirit of helping more people, the Society of Actuaries long-term care section is hosting a two day think tank outside of Chicago to brainstorm new ideas for future products.  Specifically, they are looking for: 

  1. Ideas that help people pay for their care differently.
  2. Ideas that make care more accessible to everyone.
  3. Ideas that help reduce the costs of care.
  4. Ideas that mitigate the need for care in the first place.

I'll be attending the workshop, so if you have some ideas please email them to and I'll share them with the group.  

Want to check out an innovative product?


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Tom Riekse Jr

Written by Tom Riekse Jr

Tom Riekse, ChFC, CLU, CEBS is the Managing Director of LTCI Partners, one of the largest national distributors focused on long term-care planning. LTCI Partners works with financial advisors, benefit brokers, associations and anyone else interested in helping protect people against the devastating financial impact of a long-term care event.
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