“If you want to know how much long term care insurance protection to buy, it helps to know how and how much the insurance benefits are actually used,” explains
Every year, insurance companies pay benefits to several hundred thousand people who report long term care insurance claims on their policies. “There’s a ton of information online recommending people buy blanket,” Slome admits. “However, a lot of it focuses on older concepts and, in my opinion, doesn’t help consumers make better decisions.”
The first piece of information released by the Association focuses on the onset of complaints.
According to the Association, some 73 percent of new long-term care insurance claims begin with the policyholder receiving care at home. Some 18 percent start their request by receiving care in an assisted living facility. Eight percent start with care in a retirement home. The data is based on traditional long-term care insurance policies which have made up the majority of policies written over the past three decades.
“The typical consumer associates long-term care insurance with a need for a retirement home,” admits Slome. “And since they don’t really see a retirement home as a risk, that’s one of the reasons they’re not learning more about this protection.”
“You buy insurance to protect yourself against real risks and real needs,” Slome adds. “The risk of needing home care is real. Next, we will look at the reasons why people need home care, the length of time and the cost of care. “
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