If you’re thinking about purchasing a Federal Long Term Care Insurance Program (FLTCIP) policy it’s important to understand how it works. With this information, you can compare FLTCIP to other LTC policies offered in the private sector and decide which plan provides the best value and coverage for your money.
About The Federal Long Term Care Insurance Program (FLTCIP)
FLTCIP is a voluntary program available to federal civilians, uniformed service members, and qualified family members. Your FLTCIP is a John Hancock Life & Health Insurance Company product that’s administered by Long Term Care Partners (LTCP). Even though FLTCIP is sponsored by the U.S. Office of Personnel Management (OPM), the government does not pay a portion of your FLTCIP premiums – the cost is 100% your responsibility.
FLTCIP Premium Rates
Since you can customize your plan, the cost of your premium is based on several factors:
- Your age when you purchase the insurance.
- The daily benefit amount you select.
- The type of waiting period in your plan.
- The type of inflation protection you choose.
“Generally, the waiting period runs 90 days however the type of your waiting period depends on your specific policy.”
About The Federal Long Term Care Insurance Program (FLTCIP)
FLTCIP is a voluntary program available to federal civilians, uniformed service members, and qualified family members. Your FLTCIP is a John Hancock Life & Health Insurance Company product that’s administered by Long Term Care Partners (LTCP). Even though FLTCIP is sponsored by the U.S. Office of Personnel Management (OPM), the government does not pay a portion of your FLTCIP premiums – the cost is 100% your responsibility.
The FLTCIP Waiting Period
Your long term care benefits begin only when you meet certain conditions and satisfy the required waiting period. According to the FLTCIP website, the waiting period is the number of calendar days you need to be eligible for benefits before benefits will be paid. It’s similar to a deductible for other types of insurance. Generally, the waiting period runs 90 days however the type of your waiting period depends on your specific policy. Add to this, you only have to satisfy your waiting period once in a lifetime.
Eligibility For FLTCIP Benefits
In addition to meeting the waiting period, to be eligible for benefits a licensed health care practitioner must certify that you’re unable to perform two of six daily living activities and your condition is expected to last at least 90 days. Or, you need substantial supervision due to a severe cognitive impairment that places you or others in jeopardy. Long Term Care Partners must agree with the certification and plan before you’re eligible for benefits.
Eligibility For FLTCIP Benefits
In addition to meeting the waiting period, to be eligible for benefits a licensed health care practitioner must certify that you’re unable to perform two of six daily living activities and your condition is expected to last at least 90 days. Or, you need substantial supervision due to a severe cognitive impairment that places you or others in jeopardy. Long Term Care Partners must agree with the certification and plan before you’re eligible for benefits.
Types Of Long Term Care Covered by FLTCIP
FLTCIP covers several types of long-term care including nursing home care, assisted living facility care, a hospice facility, adult day care and at home care. It will also cover at-home care provided by informal caregivers, like friends and relatives, as long as the caregiver isn’t your spouse or domestic partner.
Of course, the above is just an overview. For complete information, go to: www.ltcfeds.com.
