The report has been published. The data has been released. For the first time ever, long term care insurance claims have exceeded over $10 BILLION in one calendar year!
In 2014, long term care insurance claims exceeded $8.5 BILLION for 253,922 policyholders and their families. In 2015, long term care insurance claims topped $10 BILLION ($10,072,189,458 to be exact) for 268,411 policyholders and their families.
It took 18 years (from 1974 to 1992) for long term care insurance claims to reach the cumulative milestone of $1 Billion. Around 1996, long term care insurance claims surpassed $1 Billion per year for the first time. Now, long term care insurance claims exceed $1 Billion every six weeks!
Everyday we receive calls from people who want long term care insurance. More and more of those calls are coming from people who have a relative who is using their long term care insurance policy to receive care at home or in a facility.