Long-Term Care Insurance Claims Paid In 2021 Grow By $700 Million Reports AALTCI
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LOS ANGELES - Californer -- 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."

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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 can be accessed at https://www.aaltci.org/news/long-term-care-insurance-association-news/claims-paid-2021-grow-by-700-million.

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.  For more information go to https://www.aaltci.org.


Source: AALTCI
Filed Under: Insurance

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