Long-term care insurance provides important financial protections and peace of mind to millions of seniors.
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Long-term care insurance reduces by 66 percent a person’s chances of having to spend down assets to the point of impoverishment and Medicaid eligibility (AHIP Benefits of Long-Term Care Insurance, 2002).
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For more than 70% of claimants, insurance pays the majority of their long-term care costs (HHS/RWJ 2000 National Long-Term Care Claimant Study).
Long-term care insurance improves the quality of life for beneficiaries and family caregivers.
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One in five assisted living claimants and one in eight nursing home claimants indicated that the presence of insurance allowed them to delay their entry into an institution (HHS/RWJ 2000 National Long-Term Care Claimant Study).
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Those with private insurance receive 14 hours more per week of assistance than do the non-privately insured (AHIP Benefits of Long-Term Care Insurance, 2002).
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Two in three informal caregivers indicate that the presence of private insurance benefits has reduced their level of stress (AHIP Benefits of Long-Term Care Insurance, 2002).
Long-term care policyholders are satisfied with their coverage.
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About 97% of claimants either had no disagreement with their insurance company or had a disagreement that was resolved satisfactory (Preliminary findings of an HHS/RWJ National Long-Term Care Claimant Study to be released in 2007).
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According to a study that polled long-term care insurance claimants, 95% of nursing home residents and 89% of assisted living residents said they were satisfied or very satisfied with their long-term care insurance policy (HHS/RWJ 2000 National Long-Term Care Claimant Study).
Most policyholders think the process for filing a claim is easy to follow.
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More than 70% of policyholders find the process for filing a claim and obtaining a benefit to be very easy or somewhat easy (HHS/RWJ 2000 National Long-Term Care Claimant Study).
Health plans support NAIC efforts to ensure that appropriate consumer safeguards are in place.
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We support the most recent NAIC model, which includes limitations on use of pre-existing conditions, continuation of coverage, disclosure requirements, prohibition on post-claims underwriting, inflation protection, requirements for premium rate stability, and consumer flexibility to adjust policy benefits to meet future needs or reduce costs (NAIC Long-Term Care Insurance Model Act and Model Regulation).
