Atlanta, Georgia (PRWEB) February 28, 2014
The majority of Long Term Care Insurance claims paid out to policyholders are used for home care, according to new data from LTC Tree.
According to internal statistics released by the Long Term Care Insurance marketplace LTC Tree, more than half of all long term care claims are for home care. The typical idea of long term care being in a nursing home is no more, as people begin to move towards home care as the preferred type of care to remain comfortable and happy in their own familiar environment.
LTC Tree’s data details the break down of all Long Term Care Insurance claims and the care settings that each claim is used for. Home care is the most common care setting: 59% of all long term care claims are used for home care.
Recent studies have found that if given the option, most people would prefer to age in place in the comfort of their own homes rather than move into any type of care facility. Long Term Care Insurance providers have responded to this increasing desire by including home care benefits in most new policies.
Nursing home care is the second most common care setting for long term care. Though many people think of nursing homes with white, barren walls when the term “long term care” is mentioned, these are no longer the most common care setting. With nearly half the percentage of claims compared to home care, just 27% of long term care claims are used for care in nursing home facilities.
Independent living communities like assisted living facilities are also becoming more common, as people look to places to help support their successful aging without the limitations of a nursing home. Assisted living facilities are the least common care setting, though, with only 14% of all long term care claims put towards care at these types of facilities.
Long Term Care Insurance provides benefits for these different types of care for policyholders who need assistance performing basic daily tasks such as bathing, dressing, and getting around. As times change and people set higher expectations for retirement than previous generations, the types of benefits offered in policies change in line with these expectations. This type of insurance provides consumers with the type of care they need without the added stress of exhausting their financial assets, as so many often do paying for long term care.
LTC Tree is an Atlanta-based nationwide network of licensed agents whose goal is to help educate people about their Long Term Care Insurance options with no face-to-face sales meetings. We have years of experience helping consumers find the best Long Term Care Insurance benefits for the lowest rates. We help clients shop all the major companies to find the best plan at the best price and strive to give consumers a laid back, no pressure process of buying insurance.