Long Term Care Insurance Federal Retirees


What Does Fltcip Cost

Who should opt out of Washington’s new long-term care insurance program? – New Day NW

The cost of FLTCIP is based on the individuals age when the policy was purchased and the benefit options included in the policy. Premiums do not increase as the daily benefit amount increases .

  • Enrollees pay entire premium
  • No government contribution to the cost
  • Guaranteed renewability
  • As long as premiums are paid, the policy cannot be cancelled
  • Premiums through:
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    Big Benefit Of The Fltcip

    Other than the convenience of payroll deduction of your premiums, the most significant positive benefit of the John Hancock/federal plan is full international benefits. However, you must be an employee of the federal government, a retiree of the federal government, or a spouse in order to apply for coverage.

    Be sure to speak with a qualified Long-Term Care Insurance specialist to compare the federal plan with other major plans.

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    Retirement: Whats Your Plan From Federal Long Term Care Insurance Program

    With increased longevity and medical advancements, many retirees are concerned about the possibility of outliving their savings. And when it comes to retirement, you want to enjoy it and that means you want to be prepared. There are many considerations to think about in retirement besides your living expenses, such as where you live, family support, your health, and the rising costs of care. Thats why its so important to plan now for any long-term care you may need.

    Long-term care is the ongoing care you need if you can no longer perform everyday tasks by yourself due to chronic illness, injury, disability, or the aging process.This type of care is expensive and is generally not covered by traditional types of insurance plans or Medicare.

    One common misconception about long-term care is that it is primarily nursing home care. Actually, most long-term care is provided at home by a family member, friend, or home health aide. Long-term care is also available within the community at adult day care centers. Additionally, assisted living is an option for those who can no longer live at home, but need only a limited amount of support.

    When Should I Buy Long

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    Although people put off purchasing long-term care insurance policies due to the potentially high cost of premiums, long-term care insurance specialist Carol Burk suggests looking into the coverage when you’re in your early fifties.

    For couples looking for coverage, the sweet spot is around 55 years old. Beginning to shop at this time increases the odds of buying before your health declines and your premiums rise. The younger and healthier you are, the more likely you are to get the lowest rates.

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    Comparing Government Benefit Programs

    Medicare, Medicaid and Veterans Affairs benefits are government health programs that may come to mind when you think of long-term care.

    Although these programs may provide some benefits to pay for skilled and rehabilitative care, there are significant differences between them, which could impact your ability to use them to pay for your long-term care costs. Get to know these programs and the benefits they can and cannot provide to help ensure youre adequately covered before you need long-term care.

    U.S. government benefit programs

    Does not cover custodial care Covers custodial care, almost exclusively in skilled nursing facilities only Covers some custodial care, almost exclusively in an approved VA facility

    What Is The Federal Long

    The Federal Long Term Care Insurance Program is a voluntary, premium-based insurance option for employees of the U.S. federal government, including active-duty and retired servicemembers as well as U.S. Postal Service workers, and certain qualified family members. It was created by an act of Congress in 2000 in order to help federal employees better plan for and take control of their long-term care needs. There are nearly 270,000 people enrolled in the program.

    Although there are a multitude of different long-term care insurance products available in the health care market, FLTCIP is the only option sponsored by the U.S. government and is intended to serve the needs of federal families, including military families.

    Sponsored and regulated by the U.S. Office of Personnel and Management, the program is administered by Long Term Care Partners, LLC, which is affiliated with John Hancock Life & Health Insurance Company the insurer of the program since its inception.

    Broadly speaking, the FLTCIP helps pay for long-term care in several different settings and with different caregivers .

    While the insurance program helps to cover the cost of care provided by friends and family members, this provision does not include spouses, domestic partners, or anyone living in your household at the time of eligibility.

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    Federal Long Term Care Insurance Eligible Family Members

    The Federal Long Term Care Insurance Program is the group long term care insurance program that is designed specifically for Federal employees. The FLTCIP helps pay for long term care services in a variety of settings and for your choice of caregiver. Including the FLTCIP in your financial plan can help protect your savings and assets should you ever need long term care and therefore, allow you to spend your nest egg the way you want.

    Your eligible family members are also eligible to apply for FLTCIP coverage. Eligible family members are spouses, domestic partners, adult children, and parents.

    Questions should be directed to the Long Term Care Partners at 800-582-3337.

    Best Long Term Care Insurance Companies Of September 2022

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  • Find and compare quotes from top insurers

  • Pool of Money/Benefit Period:

  • Major insurer with top marks for customer service

  • Pool of Money/Benefit Period:

    LTC Rider: 25, 33.3, or 50 months. Care Matters: 2-7 years

  • Maximum Daily/Monthly Benefit:

  • 15% discount available for couples who purchase the same policy

  • Pool of Money/Benefit Period:

    2-5 years o Pool of Money: $50,000-500,000

  • Maximum Daily/Monthly Benefit:

  • Rated A++ by credit rating agency A.M. Best

  • Pool of Money/Benefit Period:

    2, 3, 4, 5, 6, or 7 years

  • Maximum Daily/Monthly Benefit:

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    The Truth About Federal Employee Health Insurance After Retirement

    As Ive written before, your FERS retirement benefit is more than just your pension.

    In fact, if you do your retirement planning correctly, you can take your federal employee health benefits, or FEHB, with you into retirement. I strongly believe that being able to keep your FEHB coverage after you retire is the best of the many retirement federal employee retirement benefits.

    In this article I explain how federal employee health insurance changes upon retirement. I have a passion for helping feds understand their benefits package so that they can make informed decisions.

    Please do not confuse my personal blog for financial advice, tax advice or an official position of the U.S. Government. This post may contain affiliate links. If you make a purchase after clicking on a link, I get a small percentage of the sale at no additional cost to you.

    Understanding Your Ltc Options

    • Pros and cons of the Federal LTC Insurance Program
    • Alternatives to LTC insurance

    … plus more information about Long Term Care insurance specifically for federal employees.

    * Raymond James is not affiliated with Ed Zurndorfer. Any opinions are those of Ed Zurndorfer and not necessarily those of Raymond James.

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    Fltcip: Take Time To Understand Your Federal Long

    Reg Jones

    If you are like me, one of your greatest fears is that you wont be able to care for yourself because of chronic mental or physical problems. That same fear applies to what may happen to your family members.

    Providing services, such as nursing home care, home health care or care in assisted living facilities, can be an emotional and financial burden. Fortunately, the Federal Long-Term Care Insurance Program was created to lift some of that burden off your shoulders.

    Enrollment eligibilityThe good news is this: If you are an employee of the federal government, you only need to be eligible to enroll in the Federal Employee Health Benefits program to enroll in FLTCIP. Whether you elect that coverage is entirely up to you. If you do, youll pay 100 percent of the premiums. Unlike the FEHB program, the government doesnt pay a share of the cost.

    Further, eligibility to enroll in FLTCIP isnt confined to current employees, their spouses , their parents, and adult children at least 18 years old. It also includes federal annuitants, survivor spouses and deferred annuitants, parents, parents-in-law, stepparents of living employees and their parents , plus members of the armed forces , and retired reservists who are entitled to retired or retainer pay. Talk about flexible!

    Most Of Us Will Need Care Later In Life Long

    Do retirees need long
  • Find and compare quotes from top insurers

  • Pool of Money/Benefit Period:
  • Major insurer with top marks for customer service

  • Pool of Money/Benefit Period:

    LTC Rider: 25, 33.3, or 50 months. Care Matters: 2-7 years

  • Maximum Daily/Monthly Benefit:
  • 15% discount available for couples who purchase the same policy

  • Pool of Money/Benefit Period:

    2-5 years o Pool of Money: $50,000-500,000

  • Maximum Daily/Monthly Benefit:
  • Rated A++ by credit rating agency A.M. Best

  • Pool of Money/Benefit Period:

    2, 3, 4, 5, 6, or 7 years

  • Maximum Daily/Monthly Benefit:
  • Read Also: Top Retirement Communities In The Us

    John Hancock/federal Ltcfeds Insurance Highlights

    John Hancock had been a leader in Long-Term Care Insurance for a long time until they discontinued sales of individual Long-Term Care Insurance. John Hancock administers the federal government’s long-term care plan for government employees and families. In addition, John Hancock offers qualified long-term care riders on various life insurance products.

    If you own a Long-Term Care Insurance policy from John Hancock, remember LTC Insurance is guaranteed renewable, so once issued, it can not be canceled by the insurance company as long as the premium continues to be paid.

    There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance however, the primary features and benefit choices are comparable from company to company. Premiums and underwriting criteria vary dramatically between insurance companies.

    When comparing long-term care insurance, you should recognize the differences between John Hancock and other companies. John Hancock administers the Federal Long-Term Care Insurance plan and offers riders on their life insurance with an accelerated deather benefit for long-term health care.

    The Federal Long Term Care Insurance Program does offer comprehensive benefits. Federal government employees and retirees can purchase the group John Hancock product as a voluntary benefit with the ability to pay the premium through payroll withholding. Full underwriting at the time of application is required for all applications.

    Individuals Eligible To Apply For Fltcip At Anytime Are:

    • Federal employees and members of the military
    • Federal and military retirees
    • Current and surviving spouses of employees and retirees
    • Same-sex and opposite-sex domestic partners of employees and retirees
    • Adult children of domestic partners of employees and retirees
    • Parents of living employees, including in-laws, and stepparents

    All applicants are subject to full underwriting procedures in which they must answer various health-related and lifestyle-related questions. Please note that newly hired employees within 60 days of becoming eligible are an exception to this policy.

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    The Average Annual Cost Of Various Care Options Are As Follows:

    • Homemaker services: $59,488

    • Adult day health care: $20,280

    • Assisted living facility: $54,000

    • Semi-private room in nursing home: $94,000

    • Private room in a nursing home: $108,405

    As for the costs of long-term care insurance, the American Association for Long-Term Care Insurance says that, in 2022,the average annual premium for a policy benefit equalling $165,000 would cost a 55-year-old couple $2,080 , while individual policies would cost $950 for a 55-year-old male and $1,500 for a woman of the same age.

    Plan And Benefit Options

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    In October 2019, the Office of Personnel and Management rolled out the programs latest plan FLTCIP 3.0. This version of FLTCIP places an emphasis on home and community care services and includes a premium stabilization feature which is intended to reduce the variability in premiums .

    Some of the key benefits and features of FLTCIP 3.0 include:

    • Choice of Care Location: Care can be provided at home, an assisted living facility, adult day care, hospice facility, or nursing home.
    • International Benefits: Care received outside of the United States is covered up to 100% of a beneficiarys daily benefit amount.
    • Friends and Family Member Caregivers: Excluding spouses or domestic partners, other family members can serve as informal caregivers for a 500-day period and up to 100% of a beneficiarys daily benefit amount can be applied.
    • Built-in Flexibility: An alternate plan of care may incorporate customized benefits that are not already included in FLTCIP 3.0, allowing some flexibility to meet specific needs.
    • Stay-at-Home Benefit: Certain costs that make care at home more feasible and comfortable are covered up to 30 times the daily benefit amount.
    • Guaranteed Renewable: Coverage cannot be canceled due to age or a change in health.
    • Break for Caregivers: Benefits are paid to provide your primary caregivers with temporary relief from caregiving responsibilities.

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    What Va Benefits Cover

    Benefits provided for custodial care are awarded through a priority system, with those assigned a higher priority category, such as someone injured through an act of war on active duty, receiving the first available care.

    Those assigned lower priority categories may have access to custodial care depending on the availability of resources in their geographic location however, it is not a guaranteed benefit, and individuals may be asked to cover their own expenses.

    The VAs Geriatrics and Extended Care program provides services for those who are elderly and have complex needs and veterans of any age who need daily support and assistance.

    Veterans can receive care at home, at VA medical centers or in the community. If you are eligible to receive care, this program may pay for the following:

    • 24/7 nursing and medical care
    • Physical therapy

    Transforming Older Adult Care

    Transforming older adult care requires a different approach, with an emphasis on providing care at home and in the community so that Canadians can age in place. It also involves implementing national standards for long-term care, home care and other older adult care, to ensure a baseline level of quality care for older Canadians, regardless of where they live.

    Governments and likely the federal government will need to enact laws that support this new direction. The Canada Health Act, which outlines Canadas health-care framework, establishes criteria, conditions and funding related to insured health services. However, it focuses on hospitals and physicians, the services most Canadians needed when the legislation was drafted. Canadas aging population means the needs of Canadians have changed, and our health-care framework must keep pace.

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    Federal Long Term Care Insurance Program Qualified Relatives Now Include Same

    On September 13, 2009, the Office of Personnel Management issued a proposed regulation to allow same-sex domestic partners to apply for coverage under the FLTCIP. OPM has announced in BAL 10-901 the final regulation was published in the Federal Register June 1, 2010, adding a new section expanding the definition of “qualified relative” to include same-sex domestic partners of eligible Federal and U.S. Postal Service employees and annuitants. Like all “qualified relatives,” same-sex domestic partners will be subject to full underwriting.

    To apply for FLTCIP coverage, a same-sex domestic partner must indicate on the FLTCIP application that documentation of the domestic partnership has been submitted to the employee/annuitant’s agency/retirement system.

    This only applies to coverage under the Federal Long Term Care Insurance Program. It does not apply to the Federal Employees Health Benefits Program , Federal Employees Life Insurance Program , Federal Dental and Vision Program or the Flexible Spending Accounting Program .

    Long Term Care Defined


    This type of care isn’t intended to cure you. It is chronic care that you might need for the rest of your life. You can receive long term care in your own home, a nursing home or another long term care facility, such as an assisted living facility.People often confuse long term care with disability or short-term medical care.Long term care is not:

    • care that you receive in the hospital or your doctor’s office
    • care you need to get well from a sickness or an injury
    • short-term rehabilitation from an accident
    • recuperation from surgery

    Many people think all long term care is provided in nursing homes. However, long term care is most often provided at home, in adult day care facilities or in assisted living facilities.

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    Why Do Individuals Purchase Ltc Insurance

    Individuals purchase LTC insurance for two reasons, namely: To pay for LTC rather than using savings and to protect savings such as retirement accounts -IRAs, 401s and other qualified retirement accounts such as the Thrift Savings Plan, and non-retirement brokerage accounts and To give oneself more choice for care. The more money one can spend on buying LTC insurance, potentially the better the quality of care on can receive. Those individuals who have to rely on Medicaid will have limited choices. In particular, their choices will be limited to Federal government approved nursing homes that accept payments from the government. Medicaid does not pay for any type of home health care and also does not pay for assisted living in many states.

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