Los Angeles, CA, September 18, 2024 - Latest Long-Term Care Insurance Claims Data Provides Insights
A just-published report from the Connecticut Partnership for Long-Term Care Insurance can provide some valuable insights explains Jesse Slome, director of the American Association for Long-Term Care Insurance.
"Connecticut remains the only state that continues to publish current data regarding long-term care insurance," declares Jesse Slome, AALTCI director. "Information from credible and trusted sources is essential to educating individuals about the value of this protection and reasons to consider it as part of their longevity planning."
Slome was one of the early supporters of Partnership plans and the first outside marketing consultant retained by the California Partnership for Long-Term Care Insurance to develop marketing material. "The Partnership was the greatest single strategy devised to encourage more middle-income people to undertake long-term care insurance planning," Slome notes. "Much has changes since the 1990s, though the need remains as do the benefits of LTC insurance."
According to Slome, the data looked at some 37,201 policies in force. "For me, the key data I look for is claimant data," Slome explains. "People want to know if owning long-term care insurance pays. By pays, they mean, do insurers pay benefits, at what ages and how much."
"Of the 6,878 total claimants, 60 percent represented care by a home health aide or a home visit by skilled nursing," Slome points out. "Only 34 percent of claims were for nursing home and 29 percent for assisted living."
Other key points shared include the average time elapsed between purchase date and claim eligibility date (16 years) and maximum policy benefit paid to date $2.647-million.
To view more of the 2024 claims data, go to https://www.aaltci.org/news/long-term-care-insurance-association-news/2024-long-term-care-insurance-claims.
The American Association for Long-Term Care Insurance (https://www.aaltci.org) advocates for the importance of planning and supports insurance professionals who market LTC solutions.
Contact
American Association for Medicare Supplement Insurance
Jesse Slome
818-597-3205
https://www.aaltci.org
