The nation’s long-term care insurers paid out $11.6 Billion in 2020, an increase over prior years according to the American Association for Long-Term Care Insurance (AALTCI).
“Every year benefit payouts grow to individuals needing care and purchased long-term care insurance for that very real risk,” reports Jesse Slome, AALTCI’s director. ”The $11.6 billion paid in 2020 represents an increase of $600 million over the total 2019 claim benefits paid and a significant increase from the $8.65 billion paid out five years earlier in 2016.”
The amount reported represents claims for those owning traditional or health-based long-term care insurance. The Association report does not include data for those who have purchased a linked-benefit policy, typically a life insurance policy that can also provide payout for qualifying long-term care needs.
The Association reports annual claim benefits paid out to individuals who receive benefits for qualifying care in their own home, in an assisted living facilities or those requiring care in skilled nursing home settings.
Data on long-term care insurance claim payments along with the 2021 Long-Term Care Insurance Price Index and other current data can be accessed on the Association’s website.
The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning and supports insurance and financial professionals who provide long-term care financing solutions. To see 2020 statistical reports, visit the organization’s website (www.aaltci.org/LTCFacts-2021).
2020 Long-Term Care Insurance Paid Claim Payments Rise (AALTI)
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