The nation's 10 leading long-term care insurance companies paid over $10.8 million in daily claim benefits in 2010 according to a new study conducted by the American Association for Long-Term Care Insurance (AALTCI), Los Angeles.
This represents a 53 percent increase over the daily value of claims paid by the same entities in 2007 according to study findings.
"Every single day, long-term care insurers pay benefits for home care, assisted living and nursing home care," explains Jesse Slome, executive director of the national trade organization. "Benefits paid by just these leading insurers totaled nearly $4 billion for the year, an amount that will keep growing as more aging policyholders qualify for benefits from their coverage." The total for the industry is estimated at $6 billion, according to AALTCI.
The study examined claims-paying data for leading insurers that provide coverage to some 5.76 million individuals. Industry wide, insurers have paid claims to 8.05 million individuals in 2010, according to AALTCI.
"During a typical 30-day timeframe, these insurers paid benefits to nearly 135,000 individuals," Slome notes. According to the Association's 2010 LTC Insurance Sourcebook, some 31.0 percent of new individual claims are for home care services, 30.5 percent for assisted living and 38.5 percent for skilled nursing home care.