Several studies investigating long term care were released in time for National Long Term Care Awareness Week, Nov. 5-11–including one suggesting that individuals in the boomer generation are far likelier to file LTC claims than might be expected.
UnumProvident Corp. found that almost 58% of LTC claims the company handled as of 2006 were for people under age 65.
That’s true for both group and individual LTC policies, according to a profile of claims submitted to UnumProvident, Chattanooga, Tenn.
In 2005, the company handled more than 3,000 group and individual LTC claims and expects to process 4,000 in 2006.
UnumProvident’s analysis of its own data also showed the following:
o The average age of under-65 claimants is 53, and more than 15% were younger than 45.
o For group policies, the average age was 62, while for individuals, it was 77.
o More than 66% of under-65 claimants received care at home, while 17% received nursing home care.
o A typical claim for policyholders in the age group lasted a year or longer.
Its analysis of group LTC showed the top claim triggers for under-65s were cancer (30%) and stroke (more than 10%). Additional leading causes of claims were neurological disease, dementia and multiple sclerosis, each accounting for less than 5% of claims.
A company spokeswoman says comparisons with claims submitted to UnumProvident 5 years ago showed some striking differences.
Cancer and neurological disease were the top 2 triggers of claims by those under age 65 in 2001, followed by dementia, stroke and injuries, in that order, says the spokeswoman, Jessica L. Stone.