UPDATED: Feb 25, 2020
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The American Association for Long-Term Care Insurance recently released the results of a study showing that $3.3 billion in long-term care insurance benefits was paid during 2006. This is the largest amount ever paid in benefits for a one-year period, according to the association.
The breakdown of benefits was as follows:
- Home Care – 33.91%
- Assisted Living Care – 29.63%
- Nursing Home Care – 36.46%
An interesting statistic the study revealed was the size of the largest single claim paid by a leading insurance company was over $875,000! Many insurance companies paid claims exceeding $350,000. These findings alone create a fairly strong argument for the need for long-term care insurance. Roughly eight million Americans currently own some form of long-term care insurance.