How long do long-term care insurance claims last? Do claimants typically exhaust limited-duration policies?
If you’re having trouble with LTCI market penetration due to confusion over questions like these, help is on the way. These are just two of the questions asked and answered in a new guide from the American Association for Long-Term Care Insurance. The eight-page booklet provides insights into the duration of long-term care insurance claims based on a study conducted for the organization by Milliman, Inc.
“Most people, at this point, have been through LTCI 101–the facts, the risk, the need,” says Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “They’ve read about it on the Internet of seen it reported on cable news. They’re now going to their advisor and asking largely the same two questions: ‘Will I need this and, if so, how much?’”
According to Slome, the guide combines claims-related data from various studies conducted over the past year by the trade group to help with the decision-making process.