“The Largest Individual LTCI Claim of 2018,” by Jesse R. Slome, ThinkAdvisor
“Seven insurers told us about the largest claims they still had open as of Dec. 31, 2018. At each of those insurers, the largest open claim was for more than $1 million. At several, the largest open claim has surpassed the $2 million threshold. Most of the largest claims have been open for at least 11 years. The largest open claim of all has led to the payment of more than $2.6 million in benefits. The claim has been open for more than 15 years. When clients talk about the possibility of self-insuring against long-term care risk, ask how well-prepared they are to use their own resources to pay for care for more than 10 years—or for 15 years.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
How long would these folks have paid privately before going on Medicaid if they hadn’t had LTC insurance?