Los Angeles, CA, March 21, 2019 --(PR.com
)-- The vast majority of long-term care insurance claims begin and end where they first start according to a study reported today by the American Association for Long-Term Care Insurance (AALTCI).
"This is important information for consumers considering this important protection and insurance agents who market LTC insurance," explains Jesse Slome, director of AALTCI. "Just over half of all new claims began with care in the policyholder's home and that's where 43 percent of claims ended."
The association gathered data from seven leading national long-term care insurance companies. "There are many misperceptions about long-term care insurance and we conduct these studies to provide consumers with current and relevant insights," Slome notes. "For example, most consumers associate long-term care insurance with nursing home care. Less than one in four new LTC claims begin with someone receiving care in a nursing home."
The AALTCI study reported that 29.5 percent of claims ended with the claimant in a nursing home setting. "There is some transition from say home care or assisted living to more skilled care settings, but it's not as significant as people might think," Slome adds.
Claims ending in an assisted living community also rose slightly according to the AALTCI data. "The increase was two percent," Slome shared. "For the most part, people with long-term care insurance begin care in a specific setting - typically their home - and that's where the claims ends due to death, recovery or the exhaustion of policy benefits."
Based in Los Angeles, the American Association for Long-Term Care Insurance advocates for the importance of long-term care planning. The ideal age to consider this protection is prior to age 65 Slome recommends.
The organization connects consumers with knowledgeable professionals who are independent advisors for no-cost, no-obligation long-term care insurance quotes. Consumers seeking long-term care insurance cost comparisons should visit the Association's website at www.aaltci.org or can call the organization's national headquarters at 818-597-3227.