“Long-term care insurers pay out $12.3 billion in claims”

“Long-term care insurers pay out $12.3 billion in claims,” by Kathleen Steele Galvin, McKnight’s Senior Living

  

Quote:

“Long-term care insurers paid out $12.3 billion in claims nationwide during 2021, a significant increase over prior years, according to the American Association for Long-Term Care Insurance. … The association’s report represents claims for those owning traditional or health-based long-term care insurance but does not include data for those who have purchased a linked-benefit policy, such as life insurance or annuity policies that also can provide payout money to pay for long-term care needs.”

 

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

$12.3 billion in LTCI claims is nothing to sneeze at. But private LTCI’s contribution to LTC financing could have been, should have been, and would have been much, much higher. If only perverse incentives in public policy (Medicaid) had not crowded out the market and (Federal Reserve) had not rendered the product unprofitable without market-killing premium hikes. Praise LTCI for the contribution it has made. Blame government for the problems long-term care financing still faces.