The number of people over the age of 80 is quickly growing, which in turn means there’s an increased need for senior living and skilled nursing facilities. In its 2017 profile of older Americans, the Administration for Community Living reported that the 85-and-over population was projected to more than double from 6.4 million in 2016 to 14.6 million in 2040, reflecting a 129% increase.
However, while the opportunities to serve the senior population are expanding, a shrinking insurance market is making it difficult for brokers to put long-term care (LTC) insurance on the books, according to Worldwide Facilities’ “Market Report: 4 Trends Having a Big Impact on the Long-Term Care Insurance Market.”
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