A basic insurance truth: we buy insurance to pay for something big that MIGHT happen in the future. That is especially true with long term care insurance which we tend to buy years before we might need it. In 2015 more people found out the value of a long term care insurance policy as the claims paid out by long term care insurance companies increased.
Long term care insurance companies paid $8.15 Billion in claim benefits to 260,000 individuals in 2015, according to the American Association for Long-Term Care Insurance.
“Total benefit payments increased by nearly four percent and the number of long term care insurance policyholders on claim grew by roughly 10,000,” reports Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI), the national trade group that reports annual claims data.
In 2014, AALTCI reported total claims amounted to $7.85 billion paid to some 250,000 individuals.
As the population ages and more of us need help with the everyday activities of life, the value of the decision to buy long term care insurance is clear.
“Long term care insurance provides choice and control, while protecting your retirement plans and lifestyle,” Slome adds. ”It allows loved ones to care about you rather than being forced to care for you.”