Long-Term Care Insurance Claims Paid in 2021 Grow by $700 Million Reports AALTCI
Los Angeles, CA, December 29, 2021 --(PR.com)-- The nation’s long-term care insurers paid out $12.3 Billion in claims during 2021. That represents a significant increase over prior years according to the American Association for Long-Term Care Insurance (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 along with other current data can be accessed on the Association’s website. To see 2020 statistical reports, go to www.aaltci.org/LTCFacts-2022.
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.
“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 along with other current data can be accessed on the Association’s website. To see 2020 statistical reports, go to www.aaltci.org/LTCFacts-2022.
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.
Contact
American Association for Medicare Supplement Insurance
Jesse Slome
818-597-3205
www.aaltci.org
Jesse Slome
818-597-3205
www.aaltci.org
Contact
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