6. Long-term care insurance carriers paid $7.8 billion in benefits last year.
According to AALTCI, carriers paid a record $7.8 billion in claim benefits to 250,000 individuals in 2014, up from $7.5 billion the previous year. You can interpret this number a couple of ways: People are living longer and more care is needed, or the cost of care is increasing, which are both true. But it also shows that long-term care insurance is working. It’s helping families provide care for their loved ones in a setting that they prefer and protecting their finances.
I encourage you to learn more about long-term care insurance and why it’s a critical piece of retirement planning. Ask your financial advisor about these and other features and how it has helped their clients like it helped 250,000 families last year.