Long Term Care Insurance Benefits Set Record

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites...

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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.

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