AALTCI has also
digested Connecticut LTCI claim data.
The American
Association for Long-Term Care Insurance (AALTCI) has come out with a new
long-term care (LTC) benefits product cost comparison analysis.
AALTCI looked at
how much a consumer might pay to get long-term care benefits through a
stand-alone long-term care insurance (LTCI) policy, versus how much the same
consumer might pay to get the same amount of benefits through a life insurance
policy that offers LTC benefits.
Resources
AALTCI considered
several different coverage purchasing scenarios.
In one scenario,
for example, AALTCI assumes that the consumer is a single, 55-year-old female.
She is shopping for coverage that would provide a $505,000 pool of
benefits at age 90, with 3% annual coverage growth.
That woman
would pay $2,750 per year for a stand-alone LTCI policy providing that amount of
coverage, according to AALTCI.
One life insurer
would charge the woman $5,500 per year for a life-LTC hybrid providing a
$505,000 pool of benefits at age 90.
A second life
insurer would charge the woman $7,010 per year for that kind of pool of
life-LTC hybrid LTC benefits, according to AALTCI.
If the woman goes
with the life-LTC hybrid policies, she will get a maximum death benefit of
$130,000 along with the LTC benefits, according to AALTCI.
In related news,
AALTCI has also released new LTCI claim data, based on an analysis of data from
the Connecticut Partnership for Long-Term Care.
The Westlake
Village, California-based organization found that:
·
The average time between the purchase of LTCI coverage and
the time the first claim arrives is 162 months, or about 13.5 years. That’s up
from an average of 12.8 years in 2017.
·
The total amount paid to Connecticut partnership program
claimants has ranged from $19 to $1.5 million. That compares with a range of
$19 to $1.6 million in 2017.
·
The average amount paid to Connecticut claimants is $127,628, up
from an average of $122,436 in 2017.
Allison Bell, ThinkAdvisor's insurance editor,
previously was LifeHealthPro's health insurance editor. She has a bachelor's
degree in economics from Washington University in St. Louis and a master's
degree in journalism from the Medill School of Journalism at Northwestern
University. She can be reached at abell@alm.com or on Twitter at
@Think_Allison.
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