A record $10.3 billion in claims was paid last year by the nation's long-term care insurance companies, according to the American Association for Long-Term Care Insurance study. This figure represents the highest amount of such benefit payments to Americans for a one-year period ever, and they were paid to more than 300,000 individuals.
Of the total, 34% of the insurance benefit payments made by eight of the nation's largest insurers covered home care expenses. Also, 30% of benefits paid were for assisted living costs, and the remainder, 36% was allocated toward nursing home care.
The largest claims paid by leading insurers in 2018 ranged from well over $350,000 to one of more than $875,000 - the highest single claim paid to date.
The data also revealed that approximately eight million Americans now own long-term care insurance obtained individually or through their employer. The researchers concluded that the increasing amount of benefits paid to policyholders is proof of the growing need for coverage.
Selecting the right long term care insurance
To encourage more consumers to buy long-term care insurance, The National Association of Insurance Commissioners has developed the following consumer guidelines to help you select the right policy:
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In February 2020, The Friedman Group joined AssuredPartners, the 10th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.