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The Long Term Care Industry and New Platforms with New Technologies

April 7, 2022 in Blog

In a recent article, Life Annuity examines how the world of long-term care is changing rapidly as those 65+ begin to look at their own path of aging. In response, insurers are seeing just how antiquated their systems of claims management really are. The article mentions The Helper Bees as an important solution to address this challenge. 

This boom of an aging population has forced plans to take a serious look at how to ease the burden both for their policyholders and themselves just as technology is ready to bring them into the 21st century. Keep in mind, the task of aging falls not just on older adults themselves but on their family members, a group of Americans now numbering more than 50 million. 

By better managing and preventing claims, both insurers and policyholders will see major savings; but it won’t happen without embracing the latest tech, ready and poised to revolutionize the long-term care industry. 

As John Sieb, VP of legacy business solutions at Prudential Financial said in the article, “The innovations in the space have been rapidly advancing over the last three to five years and are going to multiply.” In fact, enrolling members in early prevention programs could yield a massive 15% to 20% reduction in claims. He also notes that the savings can be impacted greatest by preventative programs in physical wellness, mental wellness, and home and on-the-go safety. 

Here, Life Annuity turns to highlight The Helper Bees. As we’ve recently partnered with Lincoln National to launch their new Lincoln Care Coordination site that provides seniors resources and tools to plan for a healthy aging journey. Furthermore, the site allows members direct access to our own Aging Experts who carefully guide members through the next few decades of life. This out-of-pocket service allows members to reach out independently for this service and develop a personalized action plan. Not only will these experts put members in contact with service providers that cater specifically to their needs, but they can assist in finding in-home care providers and coordinate home safety assessments.

These innovations aren’t just key to higher profit and lower claims but a vital necessity to keep pace with the shifting industry in the increase in claimants. Most importantly, insurers must offer the right products at the right price and stay current as members turn to the latest in tech to age independently and at home. 

As stated by Heather Deichler, a senior VP for MoneyGuard, The Helper Bees is “[…] providing the base platform, the infrastructure, that should we want to integrate other solutions or other vendors into our broader set of wellness offerings, we have the flexibility to do that.”

 

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