2024 Long-Term Care Insurance Claims Data
A just-published report from the Connecticut Partnership for Long-Term Care Insurance can provide some valuable insights explains Jesse Slome, director of the American Association for Long-Term Care Insurance.
“Thankfully Connecticut remains the only state that publishes current and highly relevant data regarding long-term care insurance,” declares Jesse Slome, AALTCI director. “Information is essential to educating people about the value of this protection and reasons to consider it as part of their longevity planning. And 2024 long term care insurance claims data is unbelievably helpful to those marketing this valuable protection.”
According to Slome, the data looked at some 37,201 policies in force. “For me, the key data I look for is claimant data,” Slome explains. “People want to know if owning long-term care insurance pays. By pays, they mean, do insurers pay benefits, at what ages and how much?”
“Of the 6,878 total claimants, 60 percent represented care by a home health aide or a home visit by skilled nursing,” Slome points out. “Only 34 percent of claims were for nursing home and 29 percent for assisted living. I like to share with reporters and consumers that this is really nursing home avoidance protection and the numbers validate that.”
2024 Claims Data
Number of Policyholders who have qualified to receive benefit payments: 6,878
Gender of Claimant: 59% Female – 41 % Male
Marital Status: 51% Married – 41% Not Married – 8% Unknown
Average Age at Policy Purchase: 64
Age at Time of Claim: Mean: 81 (Range 31 to 103)
Amount Paid To Date: Least ($19) – Most ($2,647,545)
Type of Service (top categories only)
Home Health Aide – 53%
Nursing Home – 27%
Assisted Living Facility – 29%
Skilled Nursing (Home Visit) 7%
Data from CT Partnership for Long-Term Care statistical report published September 16, 2024.
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