AALTCI Previews Connecticut LTCI Program Claim Data

A woman writing a check (Image: Shutterstock)

About 1,044 of the 40,833 consumers in the Connecticut Partnership for Long-Term Care program, or 2.6% of the total, received long-term care (LTC) services in the second quarter of the year, according to American Association for Long-Term Care Insurance (AALTCI).

AALTCI — an organization based in Westlake Village, California — released those figures in analysis of an early release of CT Partnership program second-quarter claims data.

Two years ago, the number of active CT Partnership program participant claims amounted to about 2% of the total number of active program participants.

What Is a Partnership Program?

A state LTC partnership program encourages the state's residents to buy private long-term care insurance (LTCI), by easing eligibility requirements for Medicaid nursing home benefits for partnership program participants who run out of private LTCI benefits.

In Connecticut, the insurers offering CT Partnership program in 2017 were Bankers Life and Casualty, Genworth Life, MassMutual and Transamerica Life, according to a program annual report posted in January 2018.

More Numbers

In Connecticut, the average at the time of a partnership program policy purchase has been 66, according to the AALTCI analysis.

The average age at claim has been about 79.

The average time elapsed between the purchase date and the claim eligibility date has been 12.8 years.

Total benefits paid have ranged from $19 to $1.6 million, with a mean of $122,436, according to AALTCI.

Why Does This Matter to Agents?

AALTCI represents people who have been selling private LTCI products, and other LTC finance products and services. Many agents want to find out what's happening to the consumers who bought the LTCI coverage.

Jesse Slome, AALTCI's director, said in a statement that his organization analyzed the CT Partnership data because detailed data about private LTCI claims is hard to get, even from state LTC partnership programs.

"To the best of my knowledge, Connecticut is the only state still sharing data, which is a real shame," Slome said.

— Read Share of LTCI Claims Starting With Nursing Home Care Falls: AALTCI, on ThinkAdvisor.

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