Molyneaux Insurance
  • The Molyneaux Way
    • Trumps and Tricks Euchre Event
    • ClearPath™
    • Our Team
    • Privacy Policy
  • Business
    • Employee Benefits >
      • Education and Compliance
      • Share to Compare
    • Risk Management
    • Claims Management
  • Industries
    • Franchises and Associations
  • Personal
  • Contact Us
  • Careers
    • Open Positions
  • Blog
  • The Molyneaux Way
    • Trumps and Tricks Euchre Event
    • ClearPath™
    • Our Team
    • Privacy Policy
  • Business
    • Employee Benefits >
      • Education and Compliance
      • Share to Compare
    • Risk Management
    • Claims Management
  • Industries
    • Franchises and Associations
  • Personal
  • Contact Us
  • Careers
    • Open Positions
  • Blog

​Molyneaux ​Blog

A growing need for long-term care insurance

10/30/2019

 
Long-term care insurance
A record $10.3 billion in claims was paid last year by the nation's long-term care insurance companies, according to the American Association for Long-Term Care Insurance study. This figure represents the highest amount of such benefit payments to Americans for a one-year period ever, and they were paid to more than 300,000 individuals.
​
Of the total, 34% of the insurance benefit payments made by eight of the nation's largest insurers covered home care expenses. Also, 30% of benefits paid were for assisted living costs, and the remainder, 36% was allocated toward nursing home care. 

The largest claims paid by leading insurers in 2018 ranged from well over $350,000 to one of more than $875,000 - the highest single claim paid to date.

The data also revealed that approximately eight million Americans now own long-term care insurance obtained individually or through their employer. The researchers concluded that the increasing amount of benefits paid to policyholders is proof of the growing need for coverage.

Selecting the right long term care insurance

To encourage more consumers to buy long-term care insurance, The National Association of Insurance Commissioners has developed the following consumer guidelines to help you select the right policy:
  • The policy should cover at least one year of nursing home or home health care, including intermediate and custodial care. Nursing home or home health care benefits should not be limited to skilled care.
  • The policy should provide coverage for Alzheimer’s disease if the policyholder develops it after purchasing the policy.
  • Inflation protection is important. The policy should offer a choice of:
    • Automatically increasing the initial benefit level on an annual basis.
    • A guaranteed right to increase benefit levels periodically without providing evidence of insurability.
  • There should be a coverage summary that describes the benefits, limitations, and exclusions, and also allows you to compare it with others.
  • There should be a guarantee that the policy cannot be canceled, non-renewed or otherwise terminated because you get older or suffer deterioration in physical or mental health.
  • The insurer should permit you to return the policy within 30 days of purchasing to receive a full premium refund.
  • No requirements should exist that policyholders:
    • First be hospitalized to receive benefits
    • First receive skilled nursing home care before receiving intermediate or custodial nursing home care.
    • First receive nursing home care before receiving benefits for home health care.

Comments are closed.

    Categories

    All
    COVID 19
    Cyber Security
    Directors And Officers
    Employee Benefits
    News
    Personal Insurance
    Property And Casualty
    Risk Management
    Trumps & Tricks
    Wellness
    Workers Compensation

    Archives

    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    November 2017
    September 2017

Company

About Us
Our Team
​Trumps & Tricks
Testimonials
Careers
​News
Privacy Policy

Services

​Commercial Insurance
Risk Management
Employee Benefits
Group Health Insurance

Retirement Benefits
​Personal Insurance

Industry Specialization

Contact Molyneaux

​​5025 Utica Ridge Road
Suite 100
Davenport, IA 52807
​101 East Main Street
​
Suite 202
Galesburg, IL 61401
Phone: 563-324-1011 
Toll Free: 800-713-6930

Partner Agencies

LMC Insurance & Risk Management Logo
Independent Insurance Services Logo
Molyneaux Logo
The Friedman Group Logo
© COPYRIGHT 2021 Molyneaux Insurance