The ASB recently approved an exposure draft of a revision of ASOP No. 18, now titled Long-Term Care. The ASOP provides guidance to actuaries when performing actuarial services with respect to long-term care (LTC) benefit plans sponsored by insurers or other entities. The standard applies to actuaries designing, pricing, or determining funding of an LTC benefit plan and also 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 of LTC benefit expenditures and eligible recipients under the Medicaid program. The comment deadline for the exposure draft is Sept. 1, 2021. Information on how to submit comments can be found in the exposure draft.
