Los Angeles, CA, March 24, 2017 --(PR.com
)-- Sales of short-term care insurance products grew in 2016 over the prior year according to an industry study conducted by the National Advisory Center for Short-Term Care Information.
"Sales of short-term care insurance policies grew by 16.67 percent in 2016 compared to 2015 and new business premium grew by slightly less," reports Jesse Slome, director of the National Advisory Center for Short-Term Care Information. The organization conducted the second annual study of policy sales, obtaining information from six of the larger short-term care insurance companies.
New business premium for 2016 increased by 13.23 percent compared to the prior year according to the industry study. "When other insurers see a market that's growing and where annual new business premiums amount to tens of millions of dollars, we expect others will be looking at this market segment with interest," Slome predicts. The organization is conducting the First National Short-Term Care Insurance Summit next month in Dallas. The conference runs in conjunction with the American Association for Medicare Supplement Insurance's Ninth Medigap industry Summit.
"Over 1,000 industry leaders and insurance agents who market Medicare and senior insurance products will be attending the events next month in Dallas," Slome adds. "For many, this will be their first exposure to short-term care insurance, but everything starts with awareness."
Slome attributed sales growth to two factors. "Many agents are turning to short-term care insurance options for their clients who can't health qualify or afford traditional long-term care insurance," Slome explains. "And, more agents who market Medicare solutions are finding these policies affordably fill gaps for their senior clientele."
To learn more about short-term care insurance visit the National Advisory Center for Short-Term Care Information's website at www.shorttermcareinsurance.org.