IMPACTFUL LTC Claims & Caregiving Stats

Claims and Caregiving data can be very helpful in communicating the importance and the impact and ‘Extended Care’ event can have on Family and Finances.  Below are some powerful statistics to communicate to your valued clients.

Mutual of Omaha Claims Information:

  • $1.1B claims paid since 1987
  • $10M claims paid monthly
  • Average Claimant age 78 (Industry is age 79)
  • Women 69% of Claims
  • Men 31% of Claims

Mutual of Omaha-Why People Need Care:

  • Dementia
  • Heart Disease
  • Arthritis

Top 5 Reasons for Declines in 2021 (Mutual of Omaha stats)

  • Cognitive
  • Arthritis
  • Build
  • Degenerative Disc Disease
  • Chronic Pain

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

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

CLAIMS REAL LIFE STORIES TO SHARE EXAMPLES WITH CLIENT:

Claims Real Stories–ALS

Claims Real Stories–Cancer

Claims Real Stories–Stroke

Claims Real Stories–Osteoarthritis/Knee Replacement