LTC Insurance Claims Over $7.5 Billion

Some people wonder if Long-Term Care Insurance actually pays claims. According to a national trade group, LTC policies paid almost $8 billion in claims in just 2014.

Recommend This Page
LTC Insurance Claims Over $7.5 Billion
4 Min Read February 24th, 2015 Updated:February 2nd, 2024

Since this article was posted new numbers have been published and it shows that over $14.1 billion in Long-Term Care Insurance benefits were paid in 2023. Read the updated article - Record-Breaking $14.1 Billion Paid in Long-Term Care Insurance Benefits by Top Insurance Companies in 2023 | LTC News 

********

Total Long-Term Care Insurance benefit payments increased by five percent from $7.5 Billion paid the prior year according to a report published by the American Association for Long-Term Care Insurance, a national trade group.

Feb 24, 2015 … The American Association for Long-Term Care Insurance (AALTCI) announced in press reports today that the nation’s Long-Term Care Insurance companies paid a record $7.85 billion in claim benefits in 2014 according to a just-released report.

“Total Long-Term Care insurance benefit payments increased by five percent from $7.5 Billion paid the prior year.”

 Jesse Slome, director of the AALTCI, the national trade group

The organization reported that insurers paid $6.6 billion in 2012.

“More and more people have Long-Term Care Insurance policies, and more people are using the benefits of these plans. Long-Term Care Insurance has become an essential way for people to protect their retirements, and these numbers show this fact. This is why affordable Long-Term Care Insurance has become an important part of a family’s retirement plan.“

 Matt McCann, a nationally recognized specialist in Long Term Health Care

“Americans are living longer and the consequence is more people needing Long-Term Care.”

“Contrary to what most people think, the vast majority of Long-Term Care insurance pays for care in the home or in assisted living communities, not in skilled nursing homes.”

Jesse Slome

Slome added that according to AALTCI research, half of all newly opened Long-Term Care Insurance claims paid for care in the home.

“Consider Long-Term Care as nursing home avoidance protection.”

Jesse Slome

McCann says these numbers reflect the need to have a plan which addresses the physical, emotional, and financial burdens Long Term Health Care places on loved ones. He notes that some people think health insurance or Medicare (which is health insurance for those 65 and older) will pay for this type of care. McCann notes that this is not the case.

Today's adult, who is trying to save money for their own retirement in their 401k's and IRA's, is seeing how the expenses of long-term health care are impacting their older parents. Generally, health insurance and Medicare pay only a handful of days of skilled care. Most long-term health care is custodial in nature, not skilled. This means a majority of the cost comes out-of-pocket unless you have a Long-Term Care insurance policy,"

Matt McCann 

“People underestimate life expectancy.”

“Few adults in their 50s or 60s are prepared for the financial consequences of their longevity. Longevity planning is especially important today for both married couples as well as single men and women.”

“You really can’t start your retirement savings plan at age 60 and you can’t start your long-term care planning after age 70 because you won’t have as many options.”

Jesse Slome

He points out that insurance companies today will take a close look at your health history prior to offering you coverage.

The guarantee of insurance that we hear about with health care coverage (“Obamacare”) does not pertain to Long-Term Care insurance.” 

Jesse Slome

McCann suggests planning should happen well before you are age 65.

“Most of the people I speak with are 45 to 65 years old. They discover that Long-Term Care Insurance is very affordable, especially if they work with a true specialist who understands how these plans work and get used at the time of claim. This is part of their retirement plan so they can protect their 401k’s, IRA’s, and other assets.“

Matt McCann 

McCann notes the US Department of Health and Human Services says that if you reach the age of 65, you will have a 70% chance of requiring some form of long-term health care before you pass-away.

Matt McCann is recognized as a leading long-term care (LTC) specialist. Since 1998, Matt has been a national leader in finding solutions for the physical, emotional, and financial burdens LTC places on American Families. He has been recognized by the American Association for Long-Term Care Insurance as one of the top specialists in the country.

You can follow Matt McCann on Twitter: by clicking here.

Recommend This Page

About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

Don't place the full responsibility of either caregiving or managing your care on the shoulders of your family members. Often, the caregiving role falls to a daughter or daughter-in-law who must balance their career, family, and other responsibilities. It is not easy. There is a better solution.

Affordable Long-Term Care Insurance gives you access to your choice of quality care in the setting you desire without placing a burden and stress on your loved ones. Plus, they protect your income and savings. There is no need for your family to go into crisis management when you take the initiative to safeguard assets and ease family stress with an affordable Long-Term Care Insurance policy.

Adding Long-Term Care Insurance to your retirement plan is a prudent step that protects your financial future, ensures access to quality care, and provides peace of mind for both you and your family. It's not just planning for the years ahead; it's about planning for the quality of life you deserve and ensuring that your retirement years are as comfortable and dignified as possible.

The ideal time to obtain coverage is in your 40s or 50s, but depending on your health, affordable options exist in your 60s and beyond. Seek help from a qualified Long-Term Care Insurance specialist who represents all the top-rated insurance companies to help you shop and find affordable options based on your age and health. A specialist will show you accurate quotes from all the top companies to help you shop easily for the most affordable options. 

·        Find a Qualified LTC Insurance Specialist

Find Long-Term Care Planning Tools at LTC NEWS Resource's Hub

At LTC NEWS, a wealth of tools and resources awaits to guide you through the intricacies of long-term care planning. You can access an array of helpful features, including the innovative Cost of Long-Term Care Calculator, which helps you estimate future long-term care expenses where you live.

Finding Quality Care for Mom or Dad Made Easy

LTC NEWS offers support for you and your family in many ways. The LTC NEWS Caregiver Directory is an outstanding resource where you can find the most comprehensive directory of all types of long-term care services no matter where your loved one lives - Long-Term Care Services Directory | Find Care Near You.

If your loved one has an LTC Insurance policy, that will open the door to many quality care options, as one of the first questions most home health agencies and long-term care facilities will ask you is if the care recipient has an LTC policy.

Be sure to use the benefits from a loved one's LTC policy; trying to save them for later is not a good approach since access to quality care improves a person's quality of life immediately.

LTC NEWS has combined efforts with Amada Senior Care, a leading in-home health care agency with locations throughout the country, to help you process a claim from any LTC Insurance policy.

There is no cost or obligation for this service - Filing a Long-Term Care Insurance Claim

If they don't have an LTC policy, Amada can still help develop a plan of care and provide you with many affordable in-home care options. 

Learn more now - Find Quality In-Home Care.

These four LTC NEWS guides will assist you in trying to find appropriate long-term health care services for a loved one:

Benefits for Your Website and Business - LTC NEWS

LTC NEWS offers an assortment of marketing and advertising options to help you reach your target audience. Our sponsored content articles are a highly effective way to drive traffic to your website, increase brand awareness, and build relationships with potential customers.

Benefits of Sponsored Content on LTC NEWS 

  • Drives website traffic: Sponsored content articles are placed on LTC NEWS's homepage and other high-traffic website areas, ensuring that a large audience sees your message.
  • Increases brand awareness: Sponsored content articles are written in a way that educates and engages readers, helping to position your brand as a thought leader in your industry.
  • Connects with target audience: LTC NEWS's audience is made up of people who are interested in long-term care, making it a great way to reach potential customers who are already considering your products or services.
  • Improves SEO: Sponsored content articles are written in a way that is optimized for search engines, helping to improve your website's ranking in search results.

In summary, sponsored content on LTC NEWS is a powerful marketing tool that can help you boost website traffic, SEO, brand recognition, and audience engagement. Traditional advertising is also available to keep you in front of potential customers. 

Learn more about how LTC NEWS can help market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.

 

LTC NEWS: Share Your News with Us

LTC NEWS is a leading website for news and information about aging, caregiving, health, lifestyle, long-term care, and retirement planning. We are always looking for new stories to share with our readers. 

If your group, organization, business, or political committee has news to share, we encourage you to submit a press release to us.

You can submit your press release - newsroom@ltcnews.com 

LTC News Trusted & Verified

Work With a Trusted Specialist

Get Accurate Long-Term Care Insurance Quotes

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
man and woman sitting at desk
Latest
  • Latest

  • Oldest

Everything
  • Homecare

  • Health

  • Government

  • Care Facilities

  • Pets

  • People

  • Lifestyle

  • Insurance

No Results

Step 1 of 4

Find a Specialist

Get Started Today

Trusted & Verified Specialists

Work with a trusted Long-Term Care Insurance Specialist Today

  • Has substantial experience in Long-Term Care Insurance
  • A strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Compare Insurers

+