The ASB recently adopted a revision of ASOP No. 18, now titled Long-Term Care. The ASOP applies to actuaries when performing actuarial services with respect to long-term care (LTC) benefit plans sponsored by insurers or other entities. The standard also applies to actuaries designing, pricing, or determining funding of an LTC benefit plan. In addition, the standard applies to actuaries measuring or evaluating LTC liabilities within an LTC benefit plan. The standard does not apply to actuaries providing actuarial services related to LTC benefits for Medicaid-eligible recipients unless the actuarial services are for a long-range financial projection (generally more than five years) of LTC benefit expenditures and eligible recipients under the Medicaid program. The standard is effective for actuarial services performed on or after Sept. 1, 2022.
