The entire industry could work together to have an ongoing national media/educational/public relation/ type campaign to promote/encourage this 90% to investagate if LTCI makes financial sense for their situation. To teach them what could happen and the consequences thereof.
This could possibly be funded somehow by all parties involved in this industry. Insurance providors, care providers etc. A generic message about the risks of long term care expense. It would not be company/policy design specific. It would just push education of this matter to the public.
Possibly an organzation such as "The National Long Term Care Counsel" or something?
I think getting the states to promote the Partnership as it becomes available would be immensely helpful. Indiana lost 6 years by not promoting it, and nobody knew about it til they started. Promotion (news releases, etc.) does not cost the state or feds much, but can save billions. It also will create public awareness.
There are about 70 million Baby Boomers. I think that less than 10% of them own LTCi. But, I think it's a mistake when agents start to talk about "everybody needing LTCi". I've heard some agents say that they thought that LTCi should be "as common as auto insurance and homeowner's insurance."
When an agent starts to think that LTCi is "for everyone", that agent is going to try to sell LTCi to someone who should not need it.
Let's face it, for someone who is not retired yet, LTCi is NOT as high a priority as other types of insurance: medical insurance, long-term disability insurance, and life insurance (for those with dependents). Additionally, I don't think someone should consider owning LTCi if they are not adequately contributing to their retirement accounts each year.
Once those higher financial priorities are in place, then someone should consider LTCi.
But, there are even many people who are retired who should not own LTCi. If someone can easily qualify for Medicaid, they probably should not own LTCi. I don't have the figures, but I would bet that more than half retirees between the ages of 60 and 75 should not own LTCi because they could easily qualify for Medicaid.
It is important for us to tell someone who should own LTCi that they should own it. But, I think that it is just as important for us to tell someone who should NOT own LTCi, that they should NOT own it.
If you do this by law, then there will be a lot of middle-class who will against this.
i think we can reach out if organizations and government will educate people about the risks of procrastinating for their future care. and yes, this can be done thru campaigns and collaboration from various long term care insurance agencies