A record $10.3 billion in claims was paid last year by the nation’s long-term care insurance companies, according to new data from the American Association for Long-Term Care Insurance. Benefits were paid on more than 303,000 policies.
“The industry passed the $10 billion mark for the first time,” says Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), a national advocacy organization. According to AALTCI, in 2017, total claims amounted to $9.2 billion paid to some 295,000 individuals. In 2016, total claims amounted to $8.65 billion paid to some 280,000 individuals.
The annual study reports claims paid to policyholders who have a traditional, health-based long-term care insurance policy. “These are the majority of long-term care insurance policies held by over 7 million Americans. Traditional long-term care insurance pays when care is needed at home, in assisted living communities or in a skilled nursing home environment,” Slome says.
According to the Association, the actual number of policy claimants who received benefits during the year will exceed the 303,000 number. The Association reports claimants based on a fixed date for consistency.
“The total value of benefits paid is undoubtedly larger because today there are thousands of individuals who own linked benefit life insurance or annuity policies that can also provide LTC benefits,” Slome says. “Some of these may have already started paying LTC claims.”
SEE ALSO:
The industry topped $10 billion in claims in 2015.
Long term care insurance claims topped $10 BILLION in 2015
The AALTCi only surveys about 10 companies, not the entire industry.
What is a good source of ratings, claims paying abiity, of companies selling long term care insurance ?
Where can I get a premium history for companies that have as well as still are offering long term care insurance ? I am primarily interested in traditional indemnity and/or reimbursement long term care policies.
Who are the tne companies you survey?
Here is the easiest to use source regarding rate increases:
long term care insurance rate increases
Rate increases for active companies. All 50 states, date of request; policy series rate increase requested on, increase percentage requested; percentage approved.
Long Term Care Rate History – Active
Rate increase history for inactive companies
Long Term Care Rate History – Inactive
my format is easier to read.
The California Department of Insurance Website is very easy and clear to me.
It lists them by company—useless.
The data is more helpful when sorted by state and date policy sold.
Whatchoo talking about Willis.
It lists the increases by state, and the date the policy was sold; date increase requested, amount requested, and date approved and amount approved. Sorry it is not a link to your website.
It's not sorted properly. If you sort the data by date policy sold it's amazing how few of the rate increases have occurred on policies sold after Rate Stability.