Truthful Info on LTCi Claim Payments

These statistics from Genworth, a leading long-term care insurance (LTCi) carrier, provide insights into the nature and complexion of LTCi claims:

If you missed Genworth’s webinar on their claims history over the past 38 years, here are some interesting facts: 

• Youngest claimant: 27 years old
• Oldest claimant: 103 years old
• Longest claim: 19.6 years
• Most expensive claim (still ongoing): $1,300,000
• 71% of all claimants are females 29% of all claimants are male
• 51% went on claim due to dementia & cognitive issues
• 15% of all claims lasted more than 5 years
• Average length of claims, if on claim more than 1 year: 3.9 years
• 71% of claims started with home care 13% of claims started with assisted living facilities 16% of claims started with nursing homes
• 50% of claims lasted less than 1 year (conversely, 50% lasted more than 1 year)
• The reason claims closed: 61% death 28% Recovery 11% exhausted benefits
• Average age of claimant: 79
• Who goes on claim?  38% Single women 28% Married Women 10% Single men 24% Married men
• Most expensive claims: Dementia & Parkinson’s