2025 Milliman Long-Term Care Insurance Survey

By
Claude Thau, Nicole Gaspar, FSA, MAAA, Chris Giese, FSA, MAAA and MATTHEW EPPS
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The 2025 Milliman Long Term Care Insurance Survey is the 27th consecutive annual review of stand-alone and combination long-term care insurance (LTCI) published by Broker World magazine. This comprehensive report, authored by Claude Thau, Nicole Gaspar, Chris Giese, and Matthew Epps, provides a detailed review of the individual and worksite stand-alone LTCI marketplace, sales distributions, claims, underwriting trends and available products as well as sales and commentary relative to combination LTCi. We thank insurance company staff for submitting the data and responding to questions promptly.

The report includes the following sections and exhibits:

  • Section I: Survey Highlights: Stand-alone LTCI
  • Section II: Market Perspective: Insuring LTC Risk Beyond Stand-alone LTCI 
  • Section III: This Year’s One-Time Questions 
  • Section IV: Claims Data Analysis – Stand-alone LTCI
  • Section V: Statistical Analysis of Stand-alone LTCI Sales 
  • Section VI: Underwriting Data Analysis – Stand-alone LTCI
  • Stand-Alone LTCi Product Display shows financial ratings, LTCI sales and inforce policies, and generic product details
  • Stand-Alone LTCi Premium Display includes lifetime annual premiums by insurer for various benefit options
  • Stand-Alone Underwriting Class Display shows the premium adjustment (from the Premium Display) for each underwriting class and also shows the distribution of issued policies by underwriting class

Dive into the complete 2025 Milliman Long-Term Care Insurance Survey for all the data, analysis, and expert commentary.
Read the Full Report

Claud Thau

913-707-8863 claude.thau@gmail.com

Claude Thau is president of Thau Inc., and works to help build a sound long term care insurance industry. Thau wholesales long term care-related products for brokers nationwide as Marketing Manager at BackNine Insurance. In addition to his duties at BackNine, Thau consults for insurers, consulting firms, regulators, etc., creates unique software to help advisors educate clients, and does LTCI and long term care pro bono work, as LTCI’s value relies on quality long term care being available.

He also sells a little LTCI himself, as current sales experience is important to be a good wholesaler and consultant.

Thau’s LTCI experience is unusually broad and deep. After a career as an actuary, he led a major insurer’s LTCI division, which then grew five times as fast as the rest of the LTCI industry for each of three consecutive years. Since setting up Thau, Inc. in 2000, he has consulted for the Federal government’s LTCI program, chaired the Center for Long-Term Care Financing, and, since 2005, led the Milliman LTCI Survey, published annually in the July and August issues of Broker World.

A former inner-city public school teacher, Thau enjoys mentoring brokers individually to help them grow their business.

Thau can be reached by telephone at 913-707-8863. Email: claude.thau@gmail.com.

Nicole Gaspar, FSA, MAAA, is a consulting actuary in the Chicago office of Milliman, Inc.

She can be reached at 71 S. Wacker Drive, 31st Floor, Chicago, IL 60606. Telephone: 312-499-5618. Email: nicole.gaspar@milliman.com.

Chris Giese

Chris Giese, FSA, MAAA, is a principal and consulting actuary in the Milwaukee office of Milliman, Inc.

He can be reached at 17335 Golf Parkway, Suite 100 Brookfield, WI 53045. Telephone: 262-796-3407. Email: chris.giese@milliman.com.

Actuarial Manager in the Philadelphia office of Milliman, Inc. | 610-975-804 | matthew.epps@milliman.com

He can be reached at 610-975-8049. Email: matthew.epps@milliman.com.