Industry passes the $10B mark for the first timeNew statistics from the American Association for Long Term Care Insurance
A record $10.3 Billion in claims was paid last year by the nation’s long term care insurance companies according to the American Association for Long-Term Care Insurance. Benefits were paid on more than 303,000 policies.
“The industry passed the $10 billion mark for the first time,” said Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), a national advocacy organization. According to AALTCI, in 2017, total claims amounted to $9.2 Billion paid to some 295,000 individuals.
The annual study reports claims paid to policyholders who have a traditional, health-based long-term care insurance policy. “These are the majority of long-term care insurance policies held by over 7 million Americans. Traditional long-term care insurance pays when care is needed at home, in assisted living communities or in a skilled nursing home environment,” Slome explains.
According to the Association, the actual number of policy claimants who received benefits during the year will exceed the 303,000 number. “The Association reports claimants based on a fixed date for consistency,” Slome notes. “The total value of benefits paid is undoubtedly larger because today there are thousands of individuals who own linked benefit life insurance or annuity policies that can also provide LTC benefits. Some of these may have already started paying LTC claims.”
The American Association for Long-Term Care Insurance is the national professional organization exclusively dedicated to promoting the importance of planning for long-term care needs.
Founded in 1998, the Association is the nation’s leading independent, organization serving those who offer long-term care insurance and other planning solutions. Our members constitute the nation’s most knowledgeable and committed professionals along with leading LTC providers.