Insurers may have spent about as much on long-term care insurance (LTCI) claims in 2012 as in 2011, but they seem to have sent the checks to more beneficiaries.
The American Association for Long-Term Care Insurance (AALTCI) is estimating that carriers paid about $6.6 billion in LTCI benefits in 2012 for 264,000 insureds, or about $25,000 per claimant.
AALTCI has based those figures on a survey of major LTCI carriers.
When AALTCI conducted an earlier survey, it found that carriers paid about $6.6 billion for 200,000 insureds in 2011, or about $33,000 per claimant.
AALTCI asked participants to tell it about their biggest open claims for male claimants and female claimants.
The size of the largest open claim for a woman increased to $1.8 million in 2012, up from $1.7 million in 2011.
The size of the biggest known open LTCI claim for a male claimant held steady at $1.2 million.
AALTCI found that about 23 percent of the open claims started when the insureds were ages 70 to 79, and 68 percent started when insureds were ages 80 and older.