U.S. long-term-care insurance companies paid out $9.2 billion in benefits to 295,000 recipients last year, up 6 percent from $8.65 billion a year earlier, according to the American Association for Long-Term Care Insurance.
“The total of all benefits paid increased as did the number of long-term-care insurance policyholders on claim,” said Jesse Slome, director of American Association for Long-Term Care Insurance (AALTCI).
"The total value of benefits paid was also undoubtedly larger as there are thousands of individuals who own linked benefit life insurance or annuity policies that can also provide LTC benefits," Slome said.
The numbers reflect the growing importance of long-term-care insurance, she said.
"Long-term-care insurance provides more than just money,” Slome said. “It’s as much about having control and choices, while protecting your retirement plans and lifestyle.”