Leading long-term care insurance companies paid $10.8 million in daily claim benefits in 2010, 53 percent more than in 2007, according to a new study by the American Association for Long-Term Care Insurance (AALTCI).
"Benefits paid by just these leading insurers totaled nearly $4 billion for the year, an amount that will keep growing as more aging policyholders qualify for benefits from their coverage," Jesse Slome, executive director of the national trade organization, said in a press statement.
The study examined claims-paying data from leading insurers who provide coverage to 5.76 million individuals. During a typical 30-day period, insurers paid benefits to 135,000 people. About 31 percent of new individual claims were for home car services, 30.5 percent for assisted living and 38.5 percent for skilled nursing home care, according to the AALTCI's 2010 LTC Insurance Sourcebook.
In 2007, the same insurers participating in the study paid $7 million in daily benefits. About 8 million Americans own long-term care insurance with about 350,000 new policies sold yearly, according to the association.
The AALTCI's report included data for individual and employer-sponsored long-term care insurance plans. Insurance companies participating in the study included Conseco/Bankers Life, Continental Casualty, Genworth Life, John Hancock, Metropolitan Life Insurance Co., Mutual of Omaha, Prudential Insurance Company of America, Thrivent Financial For Lutherans, Transamerica Life Insurance Co. and Unum Life Insurance.