Los Angeles, CA – February 11, 2016 – Long term care insurance companies paid $8.15 Billion in claim benefits to 260,000 individuals in 2015 according to the American Association for Long-Term Care Insurance.

“Total benefit payments increased by nearly four percent and the number of long term care insurance policyholders on claim grew by roughly 10,000,” reports Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group that reports annual claims data.   In 2014, AALTCI reported total claims amounted to $7.85 Billion paid to some 250,000 individuals.

“Americans are living longer and often the result is a need for long term care,” Slome explains.  “The individuals who own long term care insurance policies benefit from the protection as do their families and loved ones.”  Without insurance to pay the cost, Slome acknowledges the caregiving responsibility often falls on elderly spouses or adult children of aging parents.

“Long term care insurance provides choice and control, while protecting your retirement plans and lifestyle,” Slome adds.   ”It allows loved ones to care about you rather than being forced to care for you.”

To compare long term care insurance costs connect with a designated professional by calling the national organization at (818) 597-3227.

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.

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Jesse Slome, long term care insurance expert

Los Angeles, CA – February 24, 2015;  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.

“People underestimate life expectancy,” Slome shares.  ”Few adults in their 50s or 60s are prepared for the financial consequences of their longevity.”  According to the organization, roughly eight million Americans have some form of long term care insurance in the form of either a traditional insurance policy or a linked-benefit life insurance policy that can also pay a long term care benefit.

AALTCI’s 2015 Price Index study released last month revealed costs for traditional long term care insurance policies rose about eight percent compared to the prior year.  The research also found that costs for virtually identical policy coverage varied by as much as 119 percent.   “A single female age 55 could pay as little as $873 a year or as much as $1,915 and once you buy coverage you really don’t switch companies like you can with other types of insurance,” Slome adds.

To compare long term care insurance costs connect with a designated professional by calling the national organization at (818) 597-3227 or visit the Association’s Long Term Care Insurance Information Center.

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