The long-term care insurance industry paid $9.2 billion in claim benefits in 2017 according to a study by the American Association for Long-Term Care Insurance.
“The nation’s long-term care insurance companies paid more in claims to more people,” shared Jesse Slome, director of long-term care insurance organization. The Association just added the data via a graphic illustration to their online LTC Facts webpage.
“Some 295,000 individuals were receiving claim payments on the date we designate every year for our analysis,” Slome added. “So, actually, the number of individuals benefiting from this important protection is higher.” The Association picks one specific date (December 31st) of each year for the report of claimants paid.
The rational for this choice Slome explains is to provide a reasonable and conservative portrait of the industry. “There are people who start claims and end claims every day, so the actual number of policy beneficiaries would be much higher,” he acknowledged. “But, it would also be a very hard number to gather so we established a single date as a consistent point of reference.”
Slome noted that many consumers have the mistaken belief that insurance companies do not pay claims. “We undertake this yearly study to demonstrate that not only are insurers paying claims, but both the dollars paid and the number of individuals receiving benefits are growing,” the long-term care insurance expert notes. “The growth of both numbers is anticipated by the companies, a fact that policyholders are aging and thus more likely to need care and trigger their policy.”
A graphical portrayal of the claimant data can now be seen via the long-term care insurance facts page on the Association’s website which can be accessed at www.aaltci.org/LTCFacts. “We strive to continually add relevant information for consumers and those interested in the topic,” Slome concluded.
Consumers and insurance agents 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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