Long-Term Care Insurers Paid A Record $10.3 Billion In 2018 Claims

A record $10.3 billion in claims was paid last year by the nation’s long-term care insurance companies, according to the American Association for Long-Term Care Insurance. Benefits were paid on more than 303,000 policies. “The industry passed the $10 billion mark for the first time,” said Jesse Slome, director of the association, a national advocacy organization. According to the association, in 2017, total claims amounted to $9.2 billion paid to about 295,000 individuals. The annual study reports claims paid to policyholders who have a traditional, health-based long-term care insurance policy. LTCi was a very popular product during the 1990s, but several insurers found financial trouble once clients started cashing in their benefits.