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August 7, 2024
The Long-Term Care Discussion Group
Wednesday August 7, 2024, 11:00 a.m. to 12:00 p.m.
Long Term Care (LTC) Actuarial Value: A new metric for evaluating LTC insurance coverage
About the topic:
Is price the best way to determine the value of different long-term care (LTC) insurance benefits? In this webinar, Milliman will present an alternative metric: LTC Actuarial Value (LTC AV), which can indicate the amount of coverage a plan provides without the complexities and challenges of comparing prices and financing approaches. To put it another way, LTC Actuarial Value (LTC AV) is an alternative metric to a plan’s price. The calculation of the LTC AV is independent of the plan’s price, instead using expected benefit costs to illustrate the amount of coverage an insurance plan provides.
The speakers will explain the concept of LTC AV, discuss potential applications in benefit evaluation and design, and issues around consumer education. They will provide an update on upcoming LTC AV research and tool development.
About the speakers:
Chris Giese is a Principal and Consulting Actuary at Milliman. Chris has management and actuarial consulting experience with healthcare and long-term care (LTC) programs, with more than 20 years of experience in these areas. He has assisted various entities, including insurance companies, health plans, employers, technology firms, and government programs. He has helped clients with a wide variety of projects, such as financial projections and reporting, valuation of reserves, experience analysis, product development and pricing, appraisals, risk management, and evaluations of financing reform alternatives. Chris is currently serving on the Society of Actuaries (SOA) Social Insurance and Public Finance Section Council and previously served as Chair of the SOA LTC Section Council. Chris has also participated in various SOA and American Academy of Actuaries work groups.
Annie Gunnlaugsson is a Consulting Actuary at Milliman. Annie’s work focuses on long-term care, where she has more than 10 years of experience. She has worked with state government agencies to perform feasibility and actuarial studies as they explore and implement public long-term care financing solutions. Additionally, she has helped clients with year-end statements of actuarial opinion, state insurance department LTC rate filings, and reserve estimation for medical and long-term care products.
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