“LTCi becoming more of a target for fraud,” by Susan Rupe, InsuranceNewsNet
“An aging population combined with increased usage of long-term care insurance means more opportunity for misuse of funds and fraud, waste and abuse. That was the word from Jeff Ferrand, vice president of fraud services at illumifin, who spoke before the National Association of Insurance Commissioners Senior Issues (B) Task Force. Long-term care insurers paid $14.1 billion in benefits to claimants in 2023, Ferrand said, with LTCi benefits projected to increase to a high of about $40 billion by 2042. Coalition Against Insurance Fraud statistics show an estimated 5% of claims involve some type of fraud, meaning that the LTCi industry could be the victim of as much as $2 billion in fraud over the next 20 years.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
As if the LTC insurance market didn’t have enough complications and challenges already!