American Association for Long-Term Care Insurance

Over $113 Billion was spent on home care services in 2019; a significant increase over prior years reports the American Association for Long-Term Care Insurance (AALTCI).

“As millions of Americans age and require support services, they prefer to receive care in their own home,” explains Jesse Slome, director of the long-term care insurance organization.  “As a result, expenditures for home care services reached a new high in 2019.”

The Association director was sharing the latest information with specialists who market long-term care insurance protection.   ”Home care expenditures grew by 7.7 percent in 2019 compared to the prior year,” he adds.  According to Slome while a significant portion of home care services are paid for by Medicare and Medicaid, the poverty program, individual out-of-pocket costs can impact an individual and their family.

“In 2019 $5.9 Billion of home care expenditures were classified as out-of-pocket meaning the recipient or their family had to pay the cost,” Slome shared.  “In 2018, some $11.4 Billion was paid out-of-pocket and in 2017 the amount reported was $12.7 Billion.”

The Association recently added a new updated compilation of information regarding long-term care need to the organization’s website.  “Our goal is providing an easy to use resource of current data where consumers can find the information they need to make smart financial decisions,” he explains.   Information can be accessed at www.aaltci.org/ltcneed.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. Request long-term care insurance quotes call the organization at 818-597-3227 or visit their website at www.aaltci.org.

Tags: costs, data, home care, long term care, quotes, report, statistics

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