Friday, February 25, 2011
LTC Insurance Paying Claims Now
While many have the notion that long-term care insurance is both unaffordable and also possessed by few people, comes information, be it from the industry trade group, that suggests otherwise.
The American Association for Long-Term Care Insurance reports that the nation's 10 leading long-term care insurance companies paid over $10.8 million in daily claim benefits in 2010. This supports the fact that people not only have long-term care insurance but are assessing benefits right now.
This represents a 53 percent increase over the daily value of claims paid by the same entities in 2007 according to study findings. Benefits paid by just leading insurers totaled nearly $4 billion for the year.
The study examined claims-paying data for leading insurers that provide coverage to some 5.76 million individuals. According to the Association's 2010 LTC Insurance Sourcebook, some 31.0 percent of new individual claims are for home care services, 30.5 percent for assisted living and 38.5 percent for skilled nursing home care.
Some eight million Americans currently own long-term care insurance with about 350,000 new policies sold yearly. More at www.aaltci.org.