"Many individuals mistakenly believe that most long-term care insurance claims are for care in skilled nursing facilities," explains Jesse Slome, director of the long-term care insurance organization. "Most care is actually provided in the policyholder's home which is where they prefer to be."
The organization provides a compendium of the latest relevant data regarding long-term care insurance including claims utilization. "One of the more interesting facts just revealed is that almost one third of home care claimants recover," Slome shares. The data was shared with the Association by LTCG one of the nation's largest plan administrators. The number looked at home care claims prior to the pandemic.
"The need for long-term care can arise for many reasons," Slome notes. "Indeed many times the need for care can be long, thus the name of the insurance coverage. But it can also be relatively short and this data shows that indeed a significant percentage of those who go onto claim actually recover and go off claim," Slome notes. When a policyholder goes on claim they generally stop paying premiums for their insurance coverage. Likewise, when a claim stops, premium payments begin again.
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. 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 www.aaltci.org.