The co-author of a major new life insurance industry report on U.S. long-term care (LTC) financing needs says he sees broad interest in finding solutions.
Andrew Melnyk, an economist, teamed with Harsh Sharma to write the American Council of Life Insurers (ACLI) report, which makes the case that insurers should play a significant role in helping the United States prepare for the aging of the baby boomers.
Melnyk also worked on an LTC financing report that the ACLI released 10 years earlier.
“You have to look at the reality, at the demographics,” Melnyk said. “The demographics don’t lie.”
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The youngest boomers will start to turn 67 in 2031, and the oldest boomers will be turning 85, Melnyk said.