Advisory Center Reports Short-Term Care Insurance Industry Paying More Claims
The number of new short-term care insurance claims opened increased significantly and companies paid nearly six percent more in claim benefits in 2016 according to the National Advisory Center for Short-Term Care Information.
Los Angeles, CA, March 31, 2017 --(PR.com)-- The nation's short-term care insurance companies paid out more in claim benefits according to an industry study just reported by the National Advisory Center for Short-Term Care Information.
"The number of new short-term care insurance claims opened in 2016 grew by 23.4 percent in 2016 compared to 2015," reports Jesse Slome, director of the National Advisory Center for Short-Term Care Information (NACSTCi). "Total claims or benefit payments increased by 5.8 percent according to NACSTCi.
The organization reported findings as part of their second annual study of policy sales, buyers and claims. Data was obtained from six of the larger short-term care insurance companies. "This is a newer industry so the number of new claims opened is still relatively small, but clearly tens of thousands of Americans received a benefit in 2016 as a result of having purchased short-term care insurance," Slome notes.
According to the industry study, the short-term care insurance industry is experiencing growth. "It's important to know that insurers are paying benefits because that's exactly why people purchase insurance, to have funding when a need arises," Slome notes.
Slome predicts continued growth for the industry. The organization is conducting the First National Short-Term Care Insurance Summit next month in Dallas, Texas. The conference runs in conjunction with the American Association for Medicare Supplement Insurance's Ninth Medigap industry Summit.
Slome attributed sales growth for short-term care insurance to two factors. "Many insurance agents find that short-term care insurance provides value for their clients who cannot health qualify or afford the cost of traditional long-term care insurance," Slome explains. "And, more agents who market Medicare solutions are finding these policies affordably fill gaps for their senior clientele."
To learn more about short-term care insurance visit the National Advisory Center for Short-Term Care Information's website at www.shorttermcareinsurance.org.
"The number of new short-term care insurance claims opened in 2016 grew by 23.4 percent in 2016 compared to 2015," reports Jesse Slome, director of the National Advisory Center for Short-Term Care Information (NACSTCi). "Total claims or benefit payments increased by 5.8 percent according to NACSTCi.
The organization reported findings as part of their second annual study of policy sales, buyers and claims. Data was obtained from six of the larger short-term care insurance companies. "This is a newer industry so the number of new claims opened is still relatively small, but clearly tens of thousands of Americans received a benefit in 2016 as a result of having purchased short-term care insurance," Slome notes.
According to the industry study, the short-term care insurance industry is experiencing growth. "It's important to know that insurers are paying benefits because that's exactly why people purchase insurance, to have funding when a need arises," Slome notes.
Slome predicts continued growth for the industry. The organization is conducting the First National Short-Term Care Insurance Summit next month in Dallas, Texas. The conference runs in conjunction with the American Association for Medicare Supplement Insurance's Ninth Medigap industry Summit.
Slome attributed sales growth for short-term care insurance to two factors. "Many insurance agents find that short-term care insurance provides value for their clients who cannot health qualify or afford the cost of traditional long-term care insurance," Slome explains. "And, more agents who market Medicare solutions are finding these policies affordably fill gaps for their senior clientele."
To learn more about short-term care insurance visit the National Advisory Center for Short-Term Care Information's website at www.shorttermcareinsurance.org.
Contact
Short Term Care Insurance National Advisory Council
Jesse Slome
818-597-3205
www.shorttermcareinsurance.org
Jesse Slome
818-597-3205
www.shorttermcareinsurance.org
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