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Long-term care insurers collapse

The two companies have agreed to liquidate their $600 million of assets in the face of more than $4 billion of liabilities that they wont be able to pay.

By Jack Craver | Updated on December 08, 2016
The two companies have agreed to liquidate their $600 million of assets in the face of more than $4 billion of liabilities that they won’t be able to pay. (Photo: iStock)

A lot of people made the wrong bet on long-term care and now they’re paying dearly.

The Wall Street Journal reports two Pennsylvania insurers are failing due to long-term care claims they can’t pay. Their actuarial calculations in past decades were fatally flawed on a number of fronts and now nearly 80,000 policyholders are left hoping for the best.

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Jack Craver

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