“Record-Breaking $14.1 Billion Paid in Long-Term Care Insurance Benefits by Top Insurance Companies in 2023”

“Record-Breaking $14.1 Billion Paid in Long-Term Care Insurance Benefits by Top Insurance Companies in 2023,” by James Kelly, LTC-News

“In a remarkable milestone, top insurance companies disbursed an unprecedented $14.1 billion in Long-Term Care Insurance benefits in 2023. This record-breaking payout underscores the crucial role of Long-Term Care Insurance in providing financial security and quality care for policyholders.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Private LTC insurance benefits paid annually reached $14.1 billion in 2023, up $2.5 billion and 22% since 2020. While impressive, future gains will be much larger. Economic circumstances are coming that will make private insurance a much bigger factor in LTC financing. As big government entitlements falter, personal responsibility and private insurance will fill the gap.