Is the Federal Long-Term Care Insurance plan the best choice for you? That depends. INFORMATION FOR PROSPECTIVE BUYERS SHARED BY JESSE SLOME, DIRECTOR, AMERICAN ASSOCIATION FOR LONG-TERM CARE INSURANCE
Posted November 1, 2019 The Federal government makes available the nation's largest group long-term care insurance program (John Hancock is the insurer contracted by OPM). A new plan is now being offered that takes into account one of the major concerns potential buyers have - the risk of future rate increases. The Federal LTC Program is a great plan with some 270,000 enrolled members. That said, a significant number of those who purchased earlier versions of the plan started facing significant rate increases in 2015 and again in November 2016. The 2016 increase was so steep - averaging 83 percent and up to 126 percent - that many enrollees were eligible to stop paying premiums in return for a reduced benefit. The same has happened with most private insurance companies that have also seen rate increases on older policies. So what do you need to know now?
There are certain criteria where alternative options from leading, highly rated long-term care insurance companies CAN SAVE YOU MONEY EVERY YEAR. Newer policies offered by private insurers have been priced USING CURRENT ASSUMPTIONS THEREBY POSING LITTLE (if any) RISK OF FUTURE RATE INCREASES.
The Federal Long-Term Care Insurance program is a 'group" plan WHERE HEALTHY INDIVIDUALS SUBSIDIZE PREMIUMS FOR LESS HEALTHY PLAN APPLICANTS.
Private plans offer options NOT AVAILABLE under the Federal Long-Term Care Insurance PLAN. These options can SAVE YOU MONEY. We will describe some of these options below.
COMING SOON - EXAMPLES AND MORE DETAILS.
We will shortly give more specifics to help those eleigible for the Federal Long-Term Care Insurance program know when it pays (and when it doesn't pay) to compare the FLTCIP with a private insurance company's plan. Thank you for your patience.
CONSIDERING THE NEW FEDERAL LTC INSURANCE PROGRAM?
WANT A COMPARISON NOW - FROM A LOCAL LTC INSURANCE SPECIALIST? CALL THE ASSOCIATION AT 818-597-3227.
The American Association for Long-Term Care Insurance does not recommend or sell insurance policies. We do connect individuals with knowledgeable and experienced LTC insurance specialists who are appointed with multiple insurance companies. They will educate you - provide cost comparisons all for free and without obligation.
You can call our offices at 818-597-3227 or Click Here and Complete Our Secure Request For Quote Form.