Long-term care claim benefits paid by insurers rose 6.4 percent from 2016 to 2017, with to $9.2 billion in claims paid, the American Association for Long-Term Care Insurance (AALTCI) reported Wednesday.
About 295,000 individuals were on long-term care claims last year. That represents an increase of 5.4 percent, or 15,000 people, compared with 2016, AALTCI also reported.
“The total of all benefits paid increased as did the number of long-term care insurance policyholders on claim,” Jesse Slome, AALTCI executive director, in a news release
The total value of the claim benefits is likely higher than the $9.2 billion reported since thousands of individuals who own linked-benefit life insurance or annuity policies also receive long-term care benefits, Slome said.
LTCi policies help families defray the cost of long-term care, which can easily run more than $50,000 a year in many places.
“Without insurance to pay some or all of the cost, the caregiving responsibility often falls on elderly spouses or adult children caring for their aging parents,” Slome said.