Long-Term Care Insurance Facts - Statistics
America is hooked on statistics. So, we are pleased to provide the statistics below. Reporters and other writers are invited to call Jesse Slome for additional insight and information. Call 818-597-3227.
2019 Long-Term Care Insurance Statistics - Claims, Buyers, Costs
Click here to access the 2019 LTC Facts Page2017-2018 Long-Term Care Insurance Statistics - Claims, Buyers, Costs
Click here to access the 2018 LTC Facts PageOlder Facts That Are Still Relevant and May Be of Interest
But, you are not average (see your mom was right!). Just because a statistic says the average need for care is 1,040 days, doesn't have any meaning for how long you will need care. Your long-term care plan should be tailored to your particular situation and only a knowledgeable professional can best help you do that.
If you are ready to see what protection will cost, then now is the time to start the process. Click here to complete our simple online questionnaire and get the ball rolling or call our office with questions. We do not sell insurance but can address questions and connect you with a most knowledgeable specialist. Call (818) 597-3227 weekdays from 8 AM - 4 PM (Pacific Time).
The following industry data compiled by the American Association for Long-Term Care Insurance from leading LTC insurers. Data may be used when properly sourced to: "American Association for Long-Term Care Insurance, 2014 LTCi Sourcebook." Policy data is based on 2012 applicants for individual policies.
INSURANCE PROFESSIONALS: Get the complete 2014 Long Term Care Insurance Sourcebook Click here for 2014 Long Term Care Insurance Sourcebook information and to order a copy.
- 8.1 Million Americans are protected with long-term care insurance.
- 322,000 new Americans obtain LTC insurance coverage in 2012.
- $6.6 Billion in LTC insurance claims paid (2012).
- Over 264,000 individuals received LTC insurance benefits (2012).
- 85,000 combination (life plus long term care insurance policies) purchased (2012).
| 2013 Long Term Care Insurance Price Index | |
|---|---|
| Good coverage for age 55 couple - $162,000 each | $1,816 per year for couple |
| Better coverage for age 55 couple - $162,000 each with GPO | $1,942 per year for couple |
| Best coverage for age 55 couple - $162,000 each with 3% infl option | $3,725 per year for couple |
| For 'Good-Better-Best' Policy Cost Illustration | Call AALTCI at (818) 597-3227 |
| Ages When People Apply For Long-Term Care Insurance (2012) | |
|---|---|
| Under35 | 0.8% |
| 35-44 | 3.2% |
| 45-54 | 24.7% |
| 55-64 | 54.0% |
| 65-74 | See 2014 Sourcebook |
| 75 or Older | See 2014 Sourcebook |
| Daily Benefit Amount - New Individual Policies (2012) | |
|---|---|
| Less than $99 | 12.4% |
| $100 - $149 | 34.0% |
| $150 - $199 | 35.2% |
| $200 - $249 | See 2014 Sourcebook |
| $200+ | See 2014 Sourcebook |
| Elimination Period - New Individual Policies (2012) | |
|---|---|
| Less than 30 Days | 2.7% |
| 31 - 89 Days | 1.5% |
| 90 - 100 Days | 92.3% |
| 100+ Days | 3.5% |
| Benefit Period - New Individual Policies (2012) | |
|---|---|
| Less than 3 Years | 10.5% |
| 3 Years | 31.2% |
| 4 Years | 27.0% |
| 5 Years | See 2014 Sourcebook |
| 6-10 Years | See 2014 Sourcebook |
| Lifetime | See 2014 Sourcebook |
| Life Insurance Policies With Long Term Care Benefits (2012) | |
|---|---|
| Single premium face amount: $50,000 - $75,000 | 11.5% |
| Single premium face amount: $75,001 - $100,000 | 12.5% |
| Single premium face amount: $100,001 - $150,000 | 26.5% |
| Single premium face amount: $150,001 - $175,000 | 11.0% |
| Age of Claimant For New Claims Opened In 2012 | |
|---|---|
| Under Age 50 | 0.3% |
| Age 50 - 59 | 1.9% |
| Age 60 - 69 | 8.7% |
| Age 70 - 79 | 25.4% |
| Age 80+ | 63.7% |
| Newly Opened Long Term Care Insurance Claims That Paid For | |
|---|---|
| Home Care | 51.0% |
| Assisted Living | 18.5% |
| Nursing Home | 30.5% |
| Long Term Care Insurance Claims - Data From Genworth Study (2014) | |
|---|---|
| Youngest Claimant | 27 years old |
| Oldest Claimant | 103 years old |
| Most expensive claim (still ongoing) | $1.3 million |
| Percentage of claims lasting more than 5 years | 15% |
| Average length of claim if more than 1 year | 3.9 years |
| Percentage of cliams lasting more than 1 year | 50% |
| Claim started with home care | 71% |
| Claim started with assisted living facility | 13% |
| Claim started with nursing home care | 16% |
The following industry data compiled by the American Association for Long-Term Care Insurance from leading LTC insurers. Data may be used when properly sourced to: "American Association for Long-Term Care Insurance, 2012 LTCi Sourcebook." Policy data is based on 2011 applicants for individual policies.
Get the complete 40-page 2012 Long Term Care Insurance Sourcebook Click here for 2012 Long Term Care Insurance Sourcebook information and to order a copy.
- 8.1 Million Americans are protected with long-term care insurance.
- 337,000 new Americans obtain LTC insurance coverage in 2011.
- $6.6 Billion in LTC insurance claims paid (2011).
- Over 200,000 individuals received LTC insurance benefits (2011).
- $3 Million claim benefit for a single individual surpassed.
| Ages When People Apply For Long-Term Care Insurance (2011) | |
|---|---|
| Under35 | 1% |
| 35-44 | 3.0% |
| 45-54 | 22.0% |
| 55-64 | 56.5% |
| 65-74 | See 2012 Sourcebook |
| 75orOlder | See 2012 Sourcebook |
| Daily Benefit Amount - New Individual Policies (2011) | |
|---|---|
| Less than $99 | 7.0% |
| $100 - $149 | 36.0% |
| $150 - $199 | 34.5% |
| $200 - $249 | See 2012 Sourcebook |
| $200+ | See 2012 Sourcebook |
| Elimination Period - New Individual Policies (2011) | |
|---|---|
| Less than 30 Days | 0.9% |
| 31 - 89 Days | 3.1% |
| 90 - 100 Days | 92.0% |
| 100+ Days | 4.0% |
| Benefit Period - New Individual Policies (2011) | |
|---|---|
| Less than 3 Years | 11.5% |
| 3 Years | 33.8% |
| 4 Years | 25.5% |
| 5 Years | See 2012 Sourcebook |
| 6-10 Years | See 2012 Sourcebook |
| Lifetime | See 2012 Sourcebook |
| Age of Claimant For New Claims Opened In 2011 | |
|---|---|
| Under Age 50 | 0.3% |
| Age 50 - 59 | 1.7% |
| Age 60 - 69 | 8.4% |
| Age 70 - 79 | 24.1% |
| Age 80+ | 65.5% |
| Newly Opened Long Term Care Insurance Claims That Paid For | |
|---|---|
| Home Care | 56.0% |
| Assisted Living | 19.0% |
| Nursing Home | 31.0% |
Valuable Long Term Care Insurance Information For Consumers
Read free consumer guides previously published in Kiplinger's Personal Finance magazine.
Free Long Term Care Insurance Costs Information click the link to read the guides.
Nation's largest long term care insurance information online resource
Best Long Term Care Insurance Costs click the link to access the Center now.
Ratings for long term care insurance companies
Ratings Long Term Care Insurance Companies click the link to access names and info on leading LTC insurance companies.
Tax deductions for long term care insurance companies
Tax Deduction for Long Term Care Insurance click the link to rules for deducting long term care insurance premiums.
