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January 20, 2002 at 07:00 PM
LTC-Insured Population In New York State Rose 53% In 2 Years
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The New York State Insurance Department has published a report that gives 16 pages of data on long term care insurance contracts in force in the state in mid-2001.
The report shows carriers were covering 239,419 state residents June 30, 2001, up 53% from June 30, 1999.
The New York department published the report to comply with a 1986 state law that requires it to evaluate the LTC insurance market every two years.
Today, “long term care insurance plans are no longer considered to be experimental products,” the department says in the report. “Long-term care insurance has developed into a viable product.”
The report sheds some light on the group LTC market, because it includes the number of contracts and a rough breakdown of the ages of the insureds along with the number of insureds.
Only 8% of all state residents who had LTC insurance in mid-2001 were under 45.
But a unit of Aetna Inc., Hartford, that covered 3,603 residents through seven group contracts reported that half of its insureds were under 45.
A unit of UnumProvident Corp., Chattanooga, Tenn., said one-fifth of its 22,277 group and individual LTC insureds were under 45.
The detailed data in the New York report could be helpful to brokers, agents and others selling LTC insurance, according to Philip Gallant, executive vice president of New York Long-Term Care Brokers Ltd., Clifton Park, N.Y.
