Issuers of private U.S. long-term care insurance (LTCI) paid $7.5 billion in claims for 273,000 people in 2013.
The number of people collecting LTCI benefits increased 3.4 percent, and the amount of benefits paid increased 13 percent, according to the American Association for Long-Term Care Insurance.
About half of the new LTCI claims were for home care, 30 percent were for nursing home care, and 18 percent were for assisted living facility care.
In other long-term care (LTC) news:
- LifeSecure Insurance Company has introduced a new stand-alone LTCI policy that can be sold in both the individual and the multi life markets. Couples can get a shared care benefit rider, and a standard feature lets insureds use the benefits to pay for care outside the United States. LifeSecure is using gender-based pricing.
- LTC Financial Partners LLC, a private LTCI distributor, is setting up a broader LTC planning program. Advisors in the program will give consumers advice about products such as life and annuity LTC hybrids, reverse mortgages and critical illness insurance as well as stand-alone LTCI policies.
- NavGate Technologies, a company that offers an information and support service for LTC caregivers, is adding a Patient Protection and Affordable Care Act (PPACA) advice service aimed at employers and their employees.