The growth in long-term care insurance claims originating from people in assisted living facilities jumped over the past three years.
That’s the latest data compiled by the American Association for Long-Term Care Insurance.
Nearly one in five LTCi claims – 19.7 percent – originated from an assisted living facility last year, compared to 14 percent in 2014, the last time AALTCI analyzed claim data.
Since assisted living settings have become more desirable, the growth in LTCi claims coming from them should come as no surprise, said Jesse Slome, director of the association.
Last year, 28.2 percent of LTCi claims originated from a skilled nursing home, down from 32 percent in 2014, the data show.
More LTCi claims originate from home than from any other place, according to the claims data from six leading LTCi companies.
Last year, 52.1 percent of LTCi claims originated from home, down from 54 percent in 2014, according to the data.
Claim Benefits Also Rise
The nation’s LTC insurers paid $9.2 billion in claim benefits in 2017 to about 295,000 individuals, the association reported.
In 2016, LTCi companies paid $8.7 billion in claim benefits to about 280,000 individuals, the association reported.
“Both the dollars paid and the number of individuals receiving benefits continue to grow as more Americans benefit from having this important protection,” Slome said.
There are about 30,200 assisted living communities with 1 million licensed beds in the U.S., according to the National Center for Assisted Living.
The average number of licensed beds in a community is 33, according to NCAL.
InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected]
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