Real Claims Stories – Click on Images for more on their story
Who is most likely to need care:
- Average Claimant age 78 (Industry is age 79)
- Women 69% of Claims
- Men 31% of Claims
Most common reasons why people need care:
- Dementia
- Heart Disease
- Arthritis
General Industry Claims Information:
- Care at Home Care 74% of the time
- Care at Assisted Living 13% of the time
- Care at Nursing Home 13% of the time
- Youngest Claim age 27
- Longest Claim 22.5 years
- Largest Claim $2.1M
- 51% of Claims dollars go to Cognitive issues
- 18% of Claims 5 years or longer
- 2010–81% of claimants were over age 65
- 2018–57% of claimants were over age 65
Top 5 Reasons people get declined for purchasing LTC Insurance:
- Cognitive
- Arthritis
- Build
- Degenerative Disc Disease
- Chronic Pain
General Industry Caregiver Statistics:
- Caregivers split 50% male-50% female
- 46% negatively impacted their health
- 60% had to cut back on luxury expenses
- 41% had depression
- 40% felt it negatively impacted their relationship with spouse
- 70% of caregivers did it out of necessity
- 61% of families help pay for cost of professional home care
- 63% help pay for care with money from their retirement fund
- 48% reduce quality of life
- 42% stopped contributing to their savings
- 75% missed time from work
- 46% worked fewer hours
- 35% had repeated absence from work
- 23% repeatedly late for work
Information provided by Mutual of Omaha Claims data 2021.
Mutual of Omaha has paid $1.1B claims since 1987 and pays $10M in claims EACH MONTH.