LTCi Industry Paid $9.2B In Claims In 2017

Los Angeles, CA – January 17, 2017 – The nation’s long term care insurance companies paid $9.2 Billion in claim benefits to some 295,000 individuals in 2017 according to the American Association for Long-Term Care Insurance.

“The total of all benefits paid increased as did the number of long term care insurance policyholders on claim,” reports Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), a national trade group.  According to AALTCI, in 2016, total claims amounted to $8.65 Billion paid to some 280,000 individuals.

The Association conducts an annual study of claims paid to policyholders who have a traditional, health-based long-term care insurance policy.   Because the number of individuals on claim can vary on a daily basis, the Association measures based on a fixed date each year.  "We report 295,000 received benefits but during the year actually many more individuals and families benefited from this important insurance protection."

"The total value of benefits paid was also undoubtedly larger as there are thousands of individuals who own linked benefit life insurance or annuity policies that can also provide LTC benefits," Slome acknowledged.

“When you live a long life the risk of needing services referred to as long-term care increases significantly," Slome explains.  "Without insurance to pay some or all of the cost, the caregiving responsibility often falls on elderly spouses or adult children caring for their aging parents."

"Long term care insurance provides more than just money,” Slome adds.  “It’s as much about having control and choices, while protecting your retirement plans and lifestyle.”