Los Angeles, CA – February 24, 2015; The American Association for Long Term Care Insurance reported today that the nation’s long term care insurance companies paid a record $7.85 billion in claim benefits to 250,000 individuals in 2014 according to a just-released report.
“Total long term care insurance benefit payments increased by five percent from $7.5 Billion paid the prior year,” reports Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group. The organization reported that insurers paid $6.6 billion to some 264,000 policyholders in 2012.
“Americans are living longer and the consequence is more people needing long term care,” Slome explains. ”Contrary to what most people think, the vast majority of long term care insurance pays for care in the home or in assisted living communities, not in skilled nursing homes.” According to AALTCI research, half of all newly opened long term care insurance claims paid for care in the home. “Consider long term care insurance as nursing home avoidance protection,” Slome adds.
The following are links to a number of major media reporting the news.
Yahoo Business
http://finance.yahoo.com/news/long-term-care-insurance-industry-151800610.html
Boston, Boston Globe
http://finance.boston.com/boston/news/read/29335492/Long_Term_Care_Insurance_Industry_Paid_$7.8_Billion_in_Claim_Benefits_
Arizona Republic
http://finance.azcentral.com/azcentral/news/read/29335492/long_term_care_insurance_industry_paid_$7.8_billion_in_claim_benefits
Minneapolis Star Tribune
http://markets.financialcontent.com/startribune/news/read/29335492/Long_Term_Care_Insurance_Industry_Paid_$7.8_Billion_in_Claim_Benefits_
San Jose Mercury News
http://markets.financialcontent.com/mng-ba.mercurynews/news/read?GUID=29335492
MarketPlace, National Public Radio
http://ndwebfiles.marketwire.com/NDWebFiles3/content/2015/2/24/1177062//cache/131110516.htm
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