How much do long term care services cost? For the woman who currently has the largest open long term care insurance claim the cost is $1.8 million and still rising.
While this is surely an extreme case, in total, long term care insurance companies paid $6.6 billion in benefits in 2012, according to the American Association for Long Term Care Insurance. Those are payments that families are using to help support loved ones at home, in assisted living or nursing facilities.
How are people using their long term care insurance policies? Over two-thirds (86%) of new claims began after 80 years old. About one in four claims started when the policyholder was age 70 to 79.