Highlights of a report reveal important statistics regarding long-term care insurance that can help consumers starting to plan suggests the director of the American Association for Long-Term Care Insurance (AALTCI), a national trade organization.
“One of the best ongoing studies of long-term care insurance buyers and claimants is prepared by the Connecticut Partnership for Long-Term Care,” explains Jesse Slome, AALTCI’s director and one of the key individuals who helped launch California’s Partnership program. ”Connecticut was the first state to adopt the LTC Partnership program and has been reporting quarterly since its inception in the early 1990s,” he notes.
Partnership programs are a joint effort between State governments and private insurers to create an option designed to help individuals meet future long-term care needs without depleting all assets to pay for care.
“One can gain great insight by examining the latest Connecticut study,” Slome shared with insurance professionals during an industry update call. “The information is relevant to those looking into ways to protect against the risk of a costly LTC claim.” The latest report published November 7, 2017 reports on data through June 30, 2017.
Nearly two-thirds (60%) of individuals who filed claims are women, according to the Connecticut report. “Half of the claimants are married, 39 percent were not married and the remainder were of unknown status,” Slome noted.
The average age at the time of policy purchase for someone on claim was 66. “The mean age at the time of claim was 79,” Slome says. The amount of claim benefits paid to date ranged from a low of $19 to a claim that has exceeded $1.5 million. “The mean claim benefit paid is $115,617 which I am certain is far more than any of the policyholders paid in premium,” Slome shared with the group. “You can bet the people who had claims were very pleased they had purchased this insurance protection, a story that needs telling.”
“Statistical information is always helpful but it can be misleading,” Slome cautioned the group. “When I talk to consumers, I share that the likelihood of needing long-term care is either zero percent or 100 percent. The real question is, if you need this care, how will it impact your family and loved ones, your retirement savings and legacy plans. That’s why some long-term care insurance is always better than none at all, and where available and priced affordably, a Partnership plan is an excellent option.”
To learn more about long-term care insurance planning options 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 local LTC insurance professionals.
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