Press release
Long-Term Care Insurance Claims Paid For 2021 Reported
Long-term care insurance expert Jesse Slome
“Consumers question the value of long-term care insurance protection,” says Jesse Slome, AALTCI’s director. “They ask whether insurers are paying claimants. The latest data shows that indeed they are paying more dollars to more people than in any prior year.”
According to the AALTCI year-end report, the amount of claim benefits paid to policyholders in 2021 grew by some $700 million compared to 2020.
“The $12.3 billion paid represents an increase of $2 billion over the total claim benefits paid by the industry in 2018,” Slome reports. “Benefits were paid to some 336,000 policyholders in 2021 which is 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 data represents claims for those owning traditional or health-based long-term care insurance. Roughly six million policies are owned by individuals. The Association report does not include data for linked-benefit policies. These include life insurance or annuity policies that can also provide a payout for qualifying long-term care needs.
Data on long-term care insurance claim payments along with other current data can be accessed on the Association’s website. To see 2020 statistical reports, go to https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2022.php.
AALTCI
32504 Carrie Place
Westlake Village, CA 91361
Jesse Slome
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. Visit the website https://www.aaltci.org to connect with a specialist who 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.
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