New York Releases Contract-By-Contract LTC Figures

By Staff Writer

January 08, 2002 at 07:00 PM

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NU Online News Service, Jan. 8, 1:58 p.m. – Insurers were covering 208,414 people with ordinary long-term care insurance policies in force in New York state June 30, 2001, up from 132,206 in mid-1999.

Insurers participating in the New York State Partnership for Long Term Care Insurance, a special LTC insurance marketing program, were covering 31,005 people with partnership policies in place in mid-2001, up from 24,723 just two years earlier, according to a new report on the LTC insurance industry from the New York State Insurance Department.

The report includes 16 pages of statistics on each LTC contract now in effect in New York state.

The report shows that two affiliates of General Electric Capital Corp., Stamford, Conn., lead the state with a total of 57,032 ordinary LTC insureds.

Other companies with more than 20,000 insureds in force include units of John Hancock Financial Services Inc., Boston; MetLife Inc., New York; UnumProvident Corp., Chattanooga, Tenn.; and CNA Financial Corp., Chicago.

The New York department report notes that New York is in the process of setting up a voluntary, employee-paid LTC insurance program for state employees, and that, starting this year, it is also offering businesses and individual taxpayers a tax credit equal to 10% of all LTC insurance premiums paid.

The report is on the New York department Web site, at //www.ins.state.ny.us/acrobat/ltcrpt01.pdf

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