Long Term Care Insurance Industry Pays $20.5 Million In Daily Claim Benefits

News provided by

American Association for Long Term Care Insurance

Oct 09, 2014, 10:18 ET

LOS ANGELES, Oct. 9, 2014 /PRNewswire-USNewswire/ -- The nation's long-term care insurance companies paid a record $7.5 billion in claim benefits or some $20.5 million a day according to industry experts.

"Nearly 300,000 Americans and their families received benefits last year because they had long term care insurance coverage," explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). "Seeing how aging parents benefit from having coverage often motivates the next generation to initiate their own long-term care plan."

"My father needed several years of care in his own home and his long-term care insurance contributed greatly to covering costs," shares Randi Liss of Pompano Beach, FL. "Several years later my mothers insurance policy helped pay for her assisted living care needs." Both parents had policies with Mutual of Omaha one of a number of leading companies offering coverage today.

Firsthand experience was a prime reason the couple, ages 62 and 57, recently began the process of purchasing their own coverage. "We've seen the benefits and I don't want my wife to have to worry when the time comes that I need care," says Barry Liss. "And I don't want any of our children to have to worry or to impact their lives by having to provide or pay for our care."

"The need for extended or long-term care affects families emotionally, physically and financially," says Slome. "Having some long-term care insurance can give your loved ones the opportunity to supervise your care rather than having to provide it. Your 50s and 60s are the sweet spot for purchasing long-term care insurance protection."

Working With A Long Term Care Insurance Specialist Is Advisable

"Without long-term care insurance, everything you worked and saved for is exposed" says Sally Mellendorf, vice president of LTC Solutions, a national distributor of long term care insurance headquartered in Cape Coral, FL. "Today, it's advisable to work with a specialist who can compare the most current available options from multiple insurers and get you the best coverage for the best cost."

To learn more and receive long term care insurance cost comparisons from a designated specialist call the American Association for Long Term Care Insurance at 818-597-3227 or visit their website where free access to five long term care insurance consumer guides is available.

Contact: Jesse Slome, 1-818-5973227, [email protected]

SOURCE American Association for Long Term Care Insurance