Long-term care insurance companies paid out a record $10.3 billion in claims in 2018, according to the American Association for Long-Term Care Insurance.
“The industry passed the $10 billion mark for the first time,” American Association for Long Term Care Insurance Director Jesse Slome said.
Benefits were paid on more than 303,000 traditional, health-based long-term care insurance policies, which represent the majority of policies. “Traditional long-term care insurance pays when care is needed at home, in assisted living communities or in a skilled nursing home environment,” Slome said.
The 2018 totals compares with total claims amounting to $9.2 billion paid to approximately 295,000 people in 2017, according to the advocacy organization.
The AALTCI expects claimants paid in 2019 to exceed 303,000.