7. Medicaid: $117,240 is the maximum amount of assets that the federal government will let a healthy spouse keep before the other spouse can be eligible for Medicaid long-term care benefits. (Many states set the cap at a lower level.)
8. Lapse rate for LTCI policies:
1 percent is the estimated lapse rate for stand-alone LTCI policies.
0.5 percent is the estimated lapse rate now being used by Genworth in its projections.
9. 4.5 years is the average length of time someone lives after being diagnosed with dementia.
10. Claims length:
42 percent of claims last less than one year.
Claims lasting less than year are usually for home health care and caused by falls.
The average length of claim that lasts more than a year is four years.
11. Claims: How much?
$7.5 billion of LTCI claims were paid in 2013.
Over $5.2 million was paid each business day.
273,000 people received benefits.
12. Claims: Who’s getting the benefits?
71 percent of the benefits dollars are paid to female claimants
51 percent of the benefits are paid to claimants with mental disorders, including dementia.
13. Claim records (from Genworth):
27 is the age of the youngest person to go on claim.
103 is the age of the oldest person to go on claim.
About 20 years is the length of the longest claim.
$1.3 million is the amount of benefits paid in connection with the biggest single claim.