Sobering: Long Term Care insurance Claims Examined

I read a recent article by Emaxhealth on long term care insurance claims.  The article cited a recent study in which gave interesting facts on long term care claims such the increasing trend of the1-million plus long term care claim.  Other key facts were:

1. 1/10 LTC insurance claims begins before age 70
2. Women represent nearly 2/3 of all long term insurance claims to date
3. The largest open-ongoing long-term care insurance claim has surpassed $1.2 million in paid benefits (a women)
4. 180,000 Americans have received benefits from their long term care insurance policy
5. $8.6 billion in claims were paid in 2008
6. The largest claim being paid to a man is around $700,000
7. The 5 most common causes for a long-term care insurance claim, are fractures, Alzheimer's disease, stroke, arthritis, circulatory issues and injury.
8. 1/8 people age 65 and over has Alzheimer's
9. The number of new cases of Alzheimer’s is expected to increase to 450,000 a year by 2010 and to 615,000 new cases a year by 2030.

"As a result of increased longevity and medical advances, the need for long-term care is a new phenomenon for a generation of Americans," said Jesse Slome, Executive Director of the industry trade group. The pervasive concern about purchasing long-term care insurance is will I ever use it?"

Paying for any insurance is not pleasant for most, whether it’s for you auto, home, or long term care insurance.  The difference is you probably have a much greater chance is making and $50,000+ claim on you long term care insurance policy than on you auto or home insurance.  It just makes sense to buy long term care insurance if you have assets to protect.  If you’d like to learn more about long term care insurance and see if it might be right for you fill in the quick for below.  Thanks for reading our blog today…we really appreciate it.