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January 18, 2018 at 12:29 PM
Long-term care insurance (LTCI) providers paid about $9.2 billion in U.S. long-term care claims in 2017, or about 6.4% more than they paid in 2016, according to the American Association for Long Term Care Insurance.
AALTCI bases those figures on results from surveys of LTCI providers.
The Westlake Village, California-based group also collects data on the number of people getting LTCI benefits. AALTCI gets a beneficiary count by asking about the number of people on claim on one specific day in the year.
The number of people on claim increased 5.4% between 2016 and 2017, to 295,000, according to AALTCI.
(Related: Long-Term Care Insurers Pay More Claims)
Jesse Slome, AALTCI’s director, noted in a statement about the new data that the total number of people who received LTCI benefits at some point in 2017 is much higher than the number who received benefits on the reporting day used in the survey.
AALTCI posted a summary of the 2017 results on its website Wednesday. A copy of the results is available here.
The average claim per person on claim increased 1%, to an average of about $31,200 per person on claim, according to calculations based on AALTCI data.
