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Undeniable Proof That LTCi Is Good for America!

November 24, 2014 by Honey Leveen Leave a Comment

LTCi is Good for AmericaA report proving how and why long-term care insurance (LTCi) helps all of us and our country was just published. LifePlans conducted the study over a period of twelve years. It was commissioned by America’s Health Insurance Plans (AHIP).

Here’s background on  the report.

The report shows that that for LTCi policyholders:

  • A typical 60-year old LTCi policyholder would pay $188/month in premium for the same amount of care they would otherwise have to save $1,666/month, for 22 years, for.
  • Roughly 22 years of premium payments would be returned after only five months of collecting from the average LTCi policy.
  • The majority (97.6%) of all LTCi claims get paid. My experience has been that the only reasons LTCi claims are not paid are due to incomplete claim paperwork or no true need.
  • Most LTCi claimants agree that LTCi enhances access and flexibility as they seek to obtain to the services of their choice.
  • LTCi owners receive on average 35% more hours of care than those without, and their care is also more likely to address their needs.
  • The LTCi industry currently serves 7.4 million policyholders and is expected to pay out roughly $700 billion in claims over the life of those policies.

For Family Caregivers, the report shows:

  • Individuals caring for family members with LTCi are nearly twice as likely to be able to continue working as when there is no LTCi.
  • Caregivers of LTCi claimants experience less stress finding appropriate services for their loved ones.
  • LTCi enables family members to spend less time on hands-on care and more on social interaction and companionship, which leads to better experiences and less stress.

Why the report proves that LTCi is good for America:

  • Because LTCi covers a majority of LTC costs, insureds are not forced to depend on Medicaid.
  • Between 21 and 31% of insured nursing home residents would spend down to qualify for Medicaid if they did not own LTCi. Fewer than 5 percent of LTCi policyholders spend down to Medicaid.
  • Today’s 7.4 million current LTCi policyholders are expected to save the Medicaid program about $50 billion over their lifetimes. Annualized Medicaid savings per in-force policy are about $334.

The graphics in the report are great. They are straightforward and easy to understand, as is the report itself.  If you would like to receive a copy of the entire report, email me at honey@honeyleveen.com.

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC, The Magic of owning long-term care insurance Tagged With: AHIP, Honey Leveen, LifePlans, Long Term Care insurance, LTCi, Medicaid, Medicare, www.honeyleveen.com

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Honey Leveen, LUTCF, CLTC, LTCP
“The Queen, by Self-Proclamation, of Long-Term Care Insurance (LTCi)”
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Phone: 713-988-4671
Fax: 281-829-7177

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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