Long Term Care Insurance Association Report Gains National Recognition

A report citing the largest open long term care insurance claims has helped portray the industry in a positive light.

“Many of the negative media reports about long term care insurance are based on partial and even inaccurate information,” declares Jesse Slome, executive director of the long term care insurance industry trade group based in Los Angeles, CA. “Telling the story of how insurers paid $6.6 billion in claims last year will hopefully make people aware and comfortable that this protection is important and does indeed protect millions.”

Earlier this week the Association published the findings of its annual study of the largest open claims. The report shared that the largest open female claim had reached $1.8 million while the largest open claim by a male had reached $1.3 million. “Of the 264,000 claimants paid benefits last year there are large and small claims,” Slome acknowledged. “Sharing information on the largest will hopefully show people that the risk is real and the protection can be highly beneficial.”

The Association’s awareness campaign has already generated media coverage with the news item appearing on the website of The Wall Street Journal, as well as on CBS news and Yahoo Finance, one of the more popular financial websites. “In addition, we have seen the news report on several hundreds websites hosted by local newspapers, regional media and local television stations,” Slome confirmed.

“People who own long term care insurance need to rest assured that insurers pay claims to the tune of about $18 million a day,” Slome states. “People who have no plan in place for dealing with the real risk of needing long term care need to know this protection can help spare their family the emotional and financial toll associated with their care.”