With the vast amount of online resources and information available, today’s consumers want to make sure they are getting the best value for their money. According to the American Association for Long-Term Care Insurance’s (AALTCI) annual claims report, many long-term care insurance (LTCI) policy holders are most definitely getting their money’s worth when they go on claim.
AALTCI gathered claims data from seven LTCI carriers and found some staggering figures. There are currently more than 303,000 insureds on claim. The average claim per person is $34,000 according to ThinkAdvisor’s calculations based on AALTCI data.
“While I am encouraged that 7 million Americans have the peace of mind knowing they are protected, there are still millions more at risk by not having a long-term care plan in place.”
$10.3 billion in claims were paid last year by LTCI providers. The largest claim currently has been open for more than 15 years and paid out $2.6 million. Each of the seven LTCI carriers have claims over $1 million.
Currently 7 million people now have stand-along LTCI coverage in force. LTC Consumer Executive Director, Nathan Sanow, says, “While I am encouraged that 7 million Americans have the peace of mind knowing they are protected, there are still millions more at risk by not having a long-term care plan in place.”
AALTCI’s Executive Director, Jesse Slome, said the total value of benefits paid is undoubtedly larger because today there are thousands of individuals who have purchased linked benefit life insurance or annuity policies that also provide LTC benefits.
It is clear based on this data that carriers are taking care of their policy holders and sticking by them during their lengthy and expensive long-term care (LTC) journeys. If you or your loved ones are ready to create a plan for LTC, speak to one of our specialists today, and create peace of mind and financial security for your future.