The study, by the Health Insurance Association of America (HIAA), found that 3,200 employers had long-term care on their benefits list – up dramatically from 135 in 1990, according to a report from the Insure.Com Web site.
In fact, HIAA said employers owned a quarter of the total long-term care market as of 1999 when companies purchased more than one million policies.
The average annual premiums in 1999 for basic long-term care insurance were:
- $300 for a 40-year-old,
- $409 for a 50-year-old, and
- $1,002 for a 65-year-old
Overall sales figures showed that the number of Americans buying the product more than tripled from 1.9 million in 1990 to 6.8 million in 1999.