“Claim benefit payouts for policyholders with traditional long-term care insurance coverage grew from $12.3 Billion in 2021,” reports Jesse Slome, AALTCI’s director.  “The increase in benefit payouts is expected as policyholders age and start to require care.” For calendar-year 2018 the Association reported that long-term care insurers paid out $10.3 Billion.

According to Slome, the amount reported represents claims for those owning traditional or health-based long-term care insurance.  “Data for linked-benefit policies is harder to calculate because there are so many different variations of these policies,” Slome acknowledges. “Certainly, some of these policies are paying out benefits for those needing long-term care but the value may still be nominal.”

For 2022, the Association reports that benefits were paid to about 345,000 policyholders. “This represents an increase over the prior year,” Slome shares. For 2021 AALTCI reported benefits were paid to 336,000 claimants. During the calendar-year 2018, AALTCI data reported 303,000 policyholders received claim benefits.

“Long-term care insurance benefits are mostly paid to individuals who receive benefits for qualifying care in their own home or in an assisted living facility,” Slome points out. “Benefits also are paid when policyholders require care in skilled nursing home settings.” The AALTCI data is gathered and corroborated with leading industry actuaries including historical average annual growth rates from the last 10 years from companies’ year-end reporting data.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning. Since 1998 AALTCI has supported insurance professionals who market both traditional and hybrid long-term care solutions.  To access information, go to https://www.aaltci.org or call the organization at 818-597-3227.

The post Paid Long-Term Care Insurance 2022 Claims Grow appeared first on American Association for Long Term Care Insurance.

“We are receiving an increased number of questions from consumers and hearing from more family members who are having difficulty getting claims approved for their aging parents,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  ”These are individuals who did the right thing and purchased insurance.  We want to do what we can to help make it easy for them to get the benefits they qualify for.”

According to the organization, the nation’s long-term care insurance companies paid out $12.3 billion in claim benefits in 2021.  “That’s over 336,000 very happy policyholders and families,” Slome declares.  “But it’s not always smooth sailing for everyone and we are hearing about more frustration as people report increased difficulty even getting through to claims departments for answers to simple questions.”

The Association will launch a new online claims resource.  “We’ll start with the most commonly asked questions we receive,” Slome explains.  “As people share other questions or pose issues, we’ll add answers and information as a benefit to others.”

Access Long-Term Care Insurance Claims Resource

Access the long-term care insurance claims information center via the organization’s website. To see a history of amounts paid for long-term care insurance claims go to https://www.aaltci.org/news/long-term-care-insurance-association-news/claims-paid-2021-grow-by-700-million.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning and supports insurance professionals who market both traditional and hybrid LTC solutions.  To access the latest long-term care insurance statistics including need and insurance, visit the Association’s Data Center at www/aaltci.org/LTCFacts-2022/.

To obtain long-term care insurance costs from a long-term care insurance specialist call the organization at 818-597-3227 or visit their website https://www.aaltci.org.

The post Long-Term Care Insurance Association Launches New Claims Resource Center appeared first on American Association for Long Term Care Insurance.

“Unlike other insurance where you might have a claim almost immediately, there needs to be a long period of time before a claim is expected to occur,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).  “You may pay $2,000 a year with the anticipation of receiving $200,000 in ultimate benefits and that isn’t possible if people were all immediately claiming on their policies.”

Slome was sharing the most recent data shared by the Connecticut Partnership for Long-Term Care.  Connecticut, one of four original Partnership states has been gathering and reporting data consistently since the mid 1990s.

“You typically buy a long-term care insurance policy between the ages of 55 and 65, which means you are most likely to need the benefits and receive car in your 80s,” Slome explains.  “If you pay that $2,000 a year for 15 years, you have paid in $30,000.  For those who have significant claims, it’s an incredible value.  For those who never need long-term care, I don’t think they are disappointed that they avoided a lengthy stay in a nursing home or being dependent on having caregivers in their own home.”

The long-term care insurance expert was sharing data with insurance professionals who market various long-term care insurance policies.  “According to the latest Connecticut the amount paid to claimants ranged from $19 to $1.5 million,” Slome acknowledged.  The mean amount paid to claimants was $127,628.

Slome advised increased education among consumers making more people aware of how long-term care insurance works, when one needs to apply for coverage and how people benefit from the protection.

To obtain long term care insurance quotes from a professional with expertise specifically in long term care insurance products offered by multiple leading companies call the national organization at (818) 597-3227 or visit the Association’s website at www.aaltci.org.

The post Long-Term Care Insurance Claim Data Shared appeared first on American Association for Long Term Care Insurance.

“In 2019 the long-term care insurance companies paid out $11 billion in claim benefits to some 310,000 individuals,” reports Jesse Slome, AALTCI’s director.   ”That represents a 35.11 percent increase over the $8.14 billion paid out five years earlier in 2015.”

Long-term care insurance claims continue to increase as more Americans who own this valuable coverage age and require care.  The Association reports annual claim benefits paid out to individuals who receive benefits for qualifying care in their own home, in assisted living facilities or in skilled nursing home settings.

“The number of individuals who received benefit payments has grown as policyholders age,” Slome cites.  “Long-term care insurance is something you buy generally in your 50s and 60s fully expecting that if you live a long life, you’ll need care one day.  Insurers understand and expect this as well.”

The majority of long-term care insurance claim benefits are paid to individuals who purchased traditional long-term care insurance policies.  “While the majority of policies purchased today are life and annuity policies that offer the option for a long-term care payout, there are relatively few claims apparently for LTC -related benefits,” Slome points out.  “Hopefully one day as that segment of the industry grows such information will be available to demonstrate to consumers the value of this protection.”

Data on long-term care insurance claims paid can be accessed on the Association’s website.  To see 2020 statistical reports go to https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2020.php and from that page one can access data from prior years.

Established in 1998, the American Association for Long-Term Care Insurance advocates for the importance of long-term care planning.   The organization connects consumers with knowledgeable professionals who are independent advisors for no-cost, no-obligation long-term care insurance costs quotes and policy comparisons of both traditional and linked benefit long-term care insurance options.

The post Long-Term Care Insurance Paid Claim Payments Rise By 35 Percent appeared first on American Association for Long Term Care Insurance.