February 4th, 2012
Americans received some $7.5 billion in long term care insurance benefit payments in 2013 according to the Association for Long Term Care Insurance
Long term care insurance companies paid nearly $7.5 billion in claim benefits to 273,000 individuals in 2013 according to a just-released report.
“Total benefit payments increased by 13 percent and the number of long term care insurance policyholders on claim grew 3.4 percent,” explains Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group. Insurers paid $6.6 billion to some 264,000 policyholders in 2012.
“People are living longer and the consequence is needing costly long term care,” Slome notes. “Long term care insurance pays for needed care services and the protection can be far more affordable than many people think.” Over two thirds of all newly-opened long term care insurance claims paid for care in the home or in an assisted living community setting according to AALTCI.