The vast majority of long-term care insurance claims begin in the home according to an industry analysis of claims conducted by the American Association for Long-Term Care Insurance (AALTCI).
“People mistakenly associate long-term care insurance exclusively with skilled nursing home care,” shares Jesse Slome, director of long-term care insurance organization. The Association released findings of its study of 2017 claimant data.
According to AALTCI, 52.1 percent of all new long-term care insurance claims in 2017 began in the home setting. “Nearly one in five claims (19.7 percent) started in an assisted living facility and only 28.2 percent commenced in a skilled nursing home,” Slome reports. The organization analyzed data from six leading long-term care insurance companies.
The nation’s long-term care insurance companies paid $9.2 billion in claim benefits in 2017 to some 295,000 individuals according to AALTCI. ”Both the dollars paid and the number of individuals receiving benefits continue to grow as more Americans benefit from having this important protection,” Slome added.
Women accounted for over two thirds (68 percent) of newly opened claims in 2017. “Long-term care planning is especially important for women because they are far more likely to need care,” Slome notes. The study found that 19 percent of new claims by women started in a nursing home setting while 34 percent began at home.
“Individuals want to remain in their own home when care is needed and long-term care insurance enables them to get the care they need in the setting they prefer,” Slome explained.
Consumers who want to learn more about long-term care insurance costs and planning options can call the American Association for Long-Term Care Insurance at 818-597-3227 or visit the organization’s website at www.aaltci.org to find and connect with local LTC insurance professionals.
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