Long-term care insurance costs are on the rise, as can be seen by a recently released Genworth Insurance study. Now specifics are available on just how much some of those claims are worth to the insured and how many people rely on LTC coverage.

A new study from the American Association for Long-Term Care Insurance shows that the largest LTC claim currently open has hit $1.7 million in paid benefits. The policyholder bought her coverage at age 43 and was paying premiums of $881 per year until, three years after purchase, she filed her claim. Nearly fifteen years later, that policy is still paying benefits, and has already covered claims to the tune of $1.7 million. Premiums, it should be noted, stop when an individual begins to collect benefits.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.