Unum Group Corp. says it sold no nursing-home-only long term care insurance policies in 2007.
Nursing-home-only policies once were the most popular LTC policies, and their decline reflects a dramatic shift toward policies that include home care coverage, says Unum, Chattanooga, Tenn.
Unum also reports in a review of the long term care insurance market that 93% of the company’s total in-force policies now cover some type of home care.
About 70% of its group customers using LTC benefits are applying them to care that occurs in the home.
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Unum provided group LTC coverage for 653,000 in 2007, or about 76% of all U.S. residents with group LTC coverage.