Purchasers of true group long-term care insurance tended to be slightly older and more cost conscious in 2009. The American Association for Long-Term Care Insurance reports more than one-third (37.2 percent) of new group buyers were age 55 or older compared to 28 percent for the prior year (2008).
"Younger employees likely decided they could postpone the decision," says Jesse Slome, executive director of AALTCI.
Nearly half (45.4 percent) of new enrollees selected daily benefit levels of $149 or less, about an 8 percent increase compared to the prior year. The most common benefit period selected remains five years, and some 6.4 percent of new claims were initiated by individuals age 59 or younger.
