The original issuers of U.S. long-term care insurance were wrong about almost all of the assumptions they made when they designed and priced the policies — except the assumptions that the insureds would get older, might need care and would be relieved if they had some insurance to help pay the bills.
America's Health Insurance Plans charts how insurers made good on promises to LTCI insureds in 2024 in a new state-by-state guide to the stand-alone LTCI market.
AHIP found — based on a compilation of data from insurer reports filed with state insurance regulators — that 6.9 million U.S. residents still had some type of long-term care coverage in 2024, and 5.8 million still had stand-alone LTCI coverage, in spite of the many problems that the stand-alone LTCI issuers have experienced over the years and the premium increases they have implemented.
The insureds and their families filed 90,858 new stand-alone LTCI claims in 2024, with an average amount of about $186,000 per claimant.
The average monthly premium for the coverage still in force was $165.
For a look at what stand-alone LTCI claims looked like in the five highest-population states, see the gallery accompanying this article.
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