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.
Unum provided group LTC coverage for 653,000 in 2007, or about 76% of all U.S. residents with group LTC coverage.
Other details from the Unum report:
- Women represent 52% of Unum’s LTC insurance purchasers.
- The average age of an Unum group LTC purchaser is 43.5 years.
- The number of LTC insurance cases sold increased 37% at Unum between 2005 and 2007.
- 90% of new group LTC cases were at least partly employer-paid.