Jonathan Vipond was quoted in the January 14, 2011 edition of the Central Penn Business Journal in an article regarding MetLife's decision to end their long-term care insurance option after this year.
The article, "National insurer drops out of market; implications unclear," highlighted two commonly held opinions on what MetLife's departure means: nothing or everything.
Long-term care insurance is relatively new and insurers were caught off guard by high consumer demand and exorbitant cost of the service, Vipond explained. As a result insurers have opted to either raise premiums or leave the market altogether, he continued.
High premiums and fewer market players will put long-term care insurance increasingly out of public reach, Vipond said. Instead, more people will rely on government-funded options, like Medicaid, to pay for care, which is "going to increase the tax burden on businesses," he explained.