The majority of long-term care insurance claims begin and end in the home according to the latest data compiled by the American Association for Long Term Care Insurance.
“Individuals continue to mistakenly think of long-term care insurance as nursing home insurance,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade organization that regularly compiled data regarding new policy buyers as well as those who benefit from their insurance policies.
“I sometimes refer to LTC insurance as nursing home avoidance insurance because often having this insurance protection in place allows the individual to be cared for in their own home,” Slome adds. The Association released information regarding where long-term care insurance claims began in 2016. According to AALTCI, some 280,000 Americans received benefits from their long-term care insurance policies in 2016.
The majority of new claims starting in 2016 (54 percent) began in the home according to AALTCI. That represents a small, three percent, increase compared to the Association’s last study conducted in 2012.
The AALTCI study found that 14 percent of new claims began with the claimant in an assisted living community. Just under one-third (32 percent) of new claims began in a nursing home. In 2012, the Association found that 30.5 percent of new claims were started while the claimant was in a nursing home.
“Most long-term care insurance claims begin and end in the home,” Slome shared. The AALTCI analysis of claims found that nearly 56 percent of claims also ended in the home. “People want to be in their home with family and loved ones and having some long-term care insurance in place can help pay for the cost of home care services,” Slome pointed out.
The American Association for Long-Term Care Insurance (AALTCI) was founded in 1998. The organization advocates for sound long-term care planning. To learn more about long-term care insurance costs and options visit the Association’s website or call 818-597-3227.
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