For the first time ever, long term care insurance claims have exceeded $10 BILLION in one calendar year!
In 2014, long term care insurance claims exceeded $8.5 BILLION helping 253,922 policyholders and their families.
In 2015, long term care insurance claims topped $10 BILLION helping 268,411 policyholders and their families. The exact figure is $10,072,189,458. (refer to page 7 of the report, line C5 and C6, second column)
The claims totals for 2016 (which will be released sometime in 2017) are expected to near $12 BILLION!
It took from 1974 to 1992 for long term care insurance claims to total $1 Billion. Around 1996, long term care insurance claims surpassed $1 Billion per year for the first time.
As a result of the number of claims being paid each year, more and more people are wanting long term care insurance. Everyday we receive a call from someone whose relative purchased long term care insurance years ago and is now using their policy. They see how prudent their relative was to buy long term care insurance and they, too, want to plan for the future themselves.
In most states, 13 different insurance companies are now actively selling new policies. Two companies now offer policies with unlimited benefits (no lifetime cap). Some companies even offer policies where you’re covered for life but the premiums stop after 10 years.