Group Long Term Care Insurance
Unum no longer sells new group or individual policies for long term care (LTC) insurance, but we are servicing existing policies.
Our decision to discontinue selling new LTC policies does not affect our current policies. We will continue to administer current policies and provide the same benefits, services, and support for long term care. To do so, we expect rate increases to be ongoing as we work to keep existing policies priced appropriately to meet future claim obligations.
We recognize past and potential future rate actions may have a financial impact on your policy, so we encourage you to explore these policy solutions to determine what option is best for you and your employees.
These resources can help with navigating concerns you may have or to determine whether to terminate, close, or change your group LTC plan.
Rate increases vary by state, product, and pricing strategy. While some states have permitted implementation of the full requested rate increase either as a flat or as a multi-year increase, other states have permitted only a partial rate increase. For partial rate increase approvals, we intend to request additional increases with the goal of achieving the full rate increase.
This affects new enrollees on active group policies and may be significantly higher than current rates. We are implementing new rates for new enrollees on all policy series.
Stop new enrollments, but maintain a group bill for your currently covered employees for the convenience of payroll deductions.
Discontinue your obligations as plan administrator and remove your involvement in any future rate increases by terminating the group policy. Employees will pay their premium directly to Unum.
Update your LTC plan design by reducing benefit options and thereby reducing your premiums.
Unum implements a 75% rate increase on a national basis for B.LTC and GLTC95 policies sold from late 1980’s through early 2000’s. Download the Rate Increase State Implementation Grid.
Unum launches New Enrollee Pricing (NEP) on the B.LTC and GLTC95 product series. Pricing becomes significantly higher than original sold case rates, even with the 75% increase, and targets new enrollees on active group policies.
Unum files for and begins to implement two additional rounds of rate increases
Unum begins filing and implementing new rates for new enrollees for active group customers on the GLTC04 product series, plus an additional implementation of new rates for new enrollees on active group customers on the B.LTC and GLTC95 product series. Rates became significantly higher depending on age and plan type.
We want to help you with your group long term care policy.
Email us for more information or to speak with a Unum representative about your group long term care policy.
If you are an insured and need support with your coverage, please call the Unum Customer Contact Center at 1-800-227-4165.