The American Academy of Actuaries told state regulators it will be developing long term care morbidity tables.
Members of the Accident and Health Working Group at the National Association of Insurance Commissioners, Kansas City, Mo., heard about the LTC insurance valuation morbidity tables project early this week during a working group teleconference.
The AAA, Washington, wants to use insurance company LTC claims data collected in 2005 for the Society of Actuaries, Schaumburg, Ill., to develop the tables, Robert Yee, chairman of the AAA State LTC Task Force and chair of the SOA Valuation Committee, writes in a letter to Steven Ostlund, chairman of the NAIC working group.
The LTC insurance morbidity tables would be the first of their kind, because a significant amount of claims data for policies with comprehensive coverage is becoming available for the first time, Yee writes.
The AAA would get the data the SOA used from MIB Group Inc., Braintree, Mass.
“Because of the anticipated tremendous growth in claims in the next 5 to 10 years, future tables will be vast improvements over this initial effort,” Yee writes.
The first tables will include sections for home health care-only coverage, nursing home-only coverage, and comprehensive coverage that covers both nursing home care and home health care.