LTC policies up.Number of insured rises sharply since 1992 THE NUMBER OF LONG TERM CARE INSURance policies sold doubled in a five-and-a-half year period, reaching nearly 6 million by June 1998, up from about 3 million in 1992, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a survey on the LTC LTC abbr. lieutenant colonel insurance market by the Health Insurance Association of America. "Millions more Americans view private long term care insurance as excellent protection for the often catastrophic costs of nursing home, assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. , or home health care, HIAA HIAA, n.pr the abbreviation for Health Insurance Association of America. president Chip Kahn said. Other findings include: * Services covered by the 11 sellers who sold 80 percent of all individual and group policies in 1997 included nursing, assisted living, home health, alternate, hospice, and respite care Respite Care Short-term or temporary care of a few hours or weeks of the sick or disabled to provide relief, or respite, to the regular caregiver, usually a family member. Notes: . All provided coverage for Alzheimer's, a 30-day "free look," and inflation protection coverage. * As of June 1998, the employer-sponsored market has seen a 40 percent average annual growth rate--to about 800,000 policies cumulatively--and more than 2,000 employers offered such insurance. * 1998, the average annual premium for a policy with a $100-per-day nursing home care/$50-per-day home care benefit, four years of coverage, and a 20-day elimination period Elimination Period The length of time between when an injury or illness begins and receiving benefit payments from an insurer. Also known as the "waiting" or "qualifying" period, policyholders must in the interim pay for these services and can be thought of as a deductible. was $274 at age 40; $385 at age 50; $1,007 at age 65; and $4,100 at age 79. * Half of all policies were sold in nine states: Florida, California, Pennsylvania, Illinios, Texas, Ohio, Washington, Iowa, and Missouri. In other news, the California Public Employees' Retirement System (CalPERS) has begun offering improved benefits with all its existing LTC insurance plans with no increase in premiums. Deductible periods for its various plans have been changed from "service days" to "calendar days" so beneficiaries will be able to satisfy the deductible significantly sooner. Also, a hospice benefit has been added, paying for LTC services for the terminally ill Terminally Ill When a person is not expected to live more than 12 months. Notes: Any gifts given out by the afflicted person at this time may be considered as a dispersion of the estate rather than a gift. that are not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by regular health plans or Medicare. CalPERS also announced a new lower-cost, lower-benefit plan option. All California active and retired public employee and schoolteachers can apply, as well as their spouses, parents, and parents-in-law. The enrichments were made possible by lower-than-expected claims and better-than-expected investment returns. "I hope more CalPERS members and their family members will take advantage," State Treasurer Philip Angelides, chairman of the CalPERS health benefits committee, said in a prepared statement. |
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