The origins of the modern Long-Term Care industry in the United States dates back to 1974.
With the average life span increasing in large part due to advancements in medicine, many
people were living longer than expected, requiring unique and specialized health care needs.
Early policies were designed to protect people in the event they were no longer able to
perform basic daily activities and functions.
Additional options for Long-Term Care insurance (LTCi) started to emerge during the 1980s
with more sophisticated benefits. These early LTCi products had very little regulatory
guidance or consumer protections in place, which led to the potential for predatory practices
that impacted its perception in the market. In addition, Long-Term Care insurance quickly
become an important need for estate and tax planning purposes for individuals.
Given the social need that has emerged, federal and state governments have recently begun
putting in place a social safety net for those who do not have Long-Term Care Insurance, nor
the means to pay for the high expenses related to Long-Term care needs.
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