Long-Term Care Insurance Claims 2020 Statistics

long term care insurance claims 2020CLAIMS 2020:  The most recent data regarding long-term care insurance claims was shared today during a special conference call held by the American Association for Long-Term Care Insurance.

“Long-term care insurers pay millions of dollars in claims benefits every day,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  “Consumers can be skeptical about whether they will ever need or use this important protection, so we are very pleased to share information.”

According to Slome consumers often ask whether it pays to buy long-term care insurance.  “What they really want to know is will I get benefit after paying premiums,” Slome noted to the specialists on the call.  “When I talk to consumers I explain that long-term care insurance is similar to car and home insurance.  Some people never have a claim, some have small ones and yes, there are those whose houses burn to the ground.  But we hope to never have that happen to us because no amount of insurance can replace that kind of loss.”

When it comes to long-term care insurance claims, Slome shared data reported by the Connecticut Partnership For Long-Term Care.  The special partnership between the State and insurers reported data based on some 4,800 policy claims.

“The smallest claim paid amounted to $19 and the largest was $1,591,862,” Slome shares.  The mean claim paid amount was $133,353.  “Contrary to what one might think, the recipient of the largest claim is not a winner.  Imagine how many years they have needed care.  But thank goodness they had insurance to pay for the care services they required.”

Claims 2020 Statistics:  The Association director noted plans to continue to share relevant data throughout Long-Term Care Awareness Month (November).  To access the latest long-term care insurance facts go to https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2020.php.

The American Association for Long-Term Care Insurance advocates for the importance of planning and supports insurance professionals who market long-term care insurance.  To get information or request long-term care insurance quotes from a specialist in your area call the organization at 818-597-3227 or visit their website at www.aaltci.org.

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