Claims are where the rubber meets the road, and LTCA's road is $20,000,000 long... and counting.
Bellevue, Washington (PRWEB) September 05, 2017
Long Term Care Associates, Inc. (LTCA) celebrates a milestone in 2017 that few, if any, of its peers can share: the receipt of over $20,000,000 in ongoing claim payments by its long-term care (LTC) policyholders. Every three years since 2008, LTCA has conducted an audit with its leading carrier partners to validate these numbers, and according to the forecasting tool created from the data, this benchmark will be attained by year-end.
Of the achievement, LTCA senior vice president Stephen D. Forman observed, "An agency's claim volume reflects more than anything its years of experience, since most LTC claims begin to accumulate ten, twenty or even thirty years after policy issue. In our case, as one of the pioneers who helped open this market in 1972, we've received thank you letters from countless grateful families through the years."
Forman has been one of the industry's staunchest advocates for better claims reporting by the carriers, and helped launch the familiar refrain, "Claims are where the rubber meets the road," which is now repeated industry-wide. He continued, "We know our true number is much, much higher than $20 million, but some insurers cannot or will not make claims figures available, and that's a shame. To maintain credibility, LTCA has chosen to report the conservative, but validated number."
Each December, the National Association of Insurance Commissioners (NAIC) issues an "Experience Report" for the prior year which tallies, among other numbers, new and ongoing ("open") claim counts. Not collected are the personal stories of policyholders whose families have been spared emotional and financial devastation by LTC insurance. If history is any guide, their experiences are the rule, not the exception:
- About 97 percent of claimants are satisfied with their policy (70 percent “very” satisfied)
- Almost 8 in 10 customers find the claim filing process easy
- Only 2 of 100 LTC claimants are likely to have a disagreement that’s not resolved to their satisfaction
The statistics above come from a recent national survey of claimants. While long-term care insurance is not suitable for every family, most families could benefit from a free consultation with a full-time licensed and certified Long-Term Care Insurance Specialist. To learn more, please contact LTCA.
With roots dating back to 1972, Long Term Care Associates, Inc. (LTCA) has entered its 5th decade focused exclusively in the LTC solutions marketplace. Headquartered in Bellevue, WA, the company is proud to serve over five million members of sponsoring organizations, and count the claim payments to its clientele in the tens of millions of dollars.