Long-Term Care Insurance Claims Paid In 2021 Grow By $700 Million Reports AALTCI
"Take note if you doubt the value of long-term care insurance protection or question whether insurers are paying claimants," reports Jesse Slome, AALTCI's director. "The amount of claim benefits paid to policyholders grew by approximately $700 million compared to the 2020 payout."
According to the Association's annual report of claims paid, the $12.3 billion paid represents an increase of $2 billion over the total claim benefits paid by the industry in 2018.
"Claim benefits were paid to some 336,000 policyholders, 11,000 more than a year ago" Slome shares. "Some claims amount to small amounts and some can be significant, totally over $1 million," the expert explains. "Even if you do a simple calculation, the average claim amount paid out for the year would equal $36,600. And, claims can last for several years."
The amount reported represents claims for those owning traditional or health-based long-term care insurance. The Association report does not include data for those who have purchased a linked-benefit policy. These include life insurance or annuity policies that can also provide payout for qualifying long-term care needs.
Data on long-term care insurance claim payments can be accessed at https://www.aaltci.org/
The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning. The organization connects consumers with knowledgeable professionals who are independent advisors. These specialists can provide information along with long-term care insurance costs quotes and policy comparisons for both traditional and linked benefit long-term care insurance options. For more information go to https://www.aaltci.org.