Long Term Care Insurance Industry Paid $8.65 Billion in Claims Reports AALTCI

Los Angeles, CA, February 12, 2017 --(PR.com)-- The nation's long term care insurance companies paid $8.65 Billion in claim benefits to some 280,000 individuals in 2016 according to the American Association for Long-Term Care Insurance.

“The total of all benefits paid increased by over six percent and the number of long term care insurance policyholders on claim grew by roughly 20,000,” reports Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group that reports annual claims data. In 2015, AALTCI reported total claims amounted to $8.15 Billion paid to some 260,000 individuals.

“The number of individuals are being paid benefits because they purchased a traditional long-term care insurance policy increased by nearly eight (7.7) percent,” Slome explains. Without insurance to pay some or all of the the cost, Slome acknowledges the caregiving responsibility often falls on elderly spouses or adult children of aging parents.

“It's more than just money that long term care insurance provides,” Slome adds. "It's as much about having control and choices, while protecting your retirement plans and lifestyle,” Slome notes. “I like to tell consumers who are deciding if this is a prudent move, that having even some long-term care insurance in place allows loved ones to care about you rather than being forced to care for you.”

To compare long term care insurance costs connect with a designated professional by calling the national organization at (818) 597-3227 or visiting their website where local agents can be found.

The American Association for Long-Term Care Insurance is the national professional organization exclusively dedicated to promoting the importance of planning for long-term care needs.