Group Sees Long-Term Care Insurance Claims Rising
AALTCI believes the number of claimants also increased.
Long-term care insurance (LTCI) providers paid $11.6 billion in benefits to 325,000 claimants in 2019.
The American Association for Long-term Care Insurance (AALTCI) is reporting those figures in a new batch of LTCI market data.
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The total amount of LTCI benefits paid was 5.2% higher in 2020 than in 2019, and the number of claimants increased 4.8%, according to AALTCI.
The number of claimants rose in spite of reports that the COVID-19 pandemic might have led to a sharp increase in LTCI claimant mortality and a reduction in the number of policyholders using their benefits to pay either for nursing home care or professional home care.
The average amount of benefits paid per claimant increased to about $35,700, from about $35,500.
AALTCI has estimated that about 7.5 million Americans have some form of commercial long-term care insurance, whether through a stand-alone policy or through coverage built into a life insurance policy or annuity.
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