Long-term care insurance (LTCI) carriers really do pay LTCI claims.
The American Association for Long-Term Care Insurance (AALTCI), Westlake Village, Calif., has published LTCI benefits statistics in a report based on its latest industry survey.
The 10 carriers that participated in the survey said they paid $6.6 billion to a total of about U.S. 200,000 policyholders in 2011.
The customer with the biggest open claim, for $1.7 million, is a woman who bought a policy when she was 43, went on claim 3 years later, and at last report, had been receiving benefits for more than 14 years. She paid $881 in premiums per year for 3 years before she stopped paying premiums because she was receiving policy benefits.