Federal Long Term Care Insurance 101
Our Guide to The Federal Long Term Care Insurance Program
Planning for the future can be overwhelming and quite frankly, a daunting task. That’s why our mission at Federal Educators is to ensure federal employees have access to resources that will allow them to plan for a well-balanced retirement. One of the critical benefits that should be discussed sooner rather than later is the Federal Long Term Care Insurance program.
The Federal Long Term Care Insurance Program (FLTCIP) was created by the U.S. Office of Personnel Management (OPM) and is supported by John Hancock Life & Health Insurance. The goal is to provide long term care insurance that will help pay for the costs of care needed, should you or your family members no longer be able to perform everyday tasks due to a chronic illness, injury, or the aging process. Also included in this care is any supervision needed due to a severe cognitive impairment like Alzheimer’s disease.
Federal members that are eligible for FLTCIP coverage include Federal and U.S. Postal Service employees and annuitants, active and retired members of uniformed services and their qualified relatives. Visit the FLTCIP eligibility page to see if you qualify for this coverage.
Once qualification is confirmed, federal employees have access to a plethora of coverage options. Choice of care services are available in a variety of settings (at home, assisted living, etc.) with your choice of caregiver. Home care includes a stay-at-home benefit that helps maintain familiar surroundings. A friends and family caregiver option could also be available. For those that are overseas, FLTCIP offers benefits for covered services you receive outside of the United States. The ultimate peace of mind comes with the fact that FLTCIP is portable and guaranteed renewable.
We do encourage purchasing long term care coverage when you are eligible because premiums will be lower than if you wanted until closer to retirement. And because this is simply an at a glance guide on the Federal Long Term Care Insurance Program, the team at Federal Educators can assist you with a deep dive on what works best for your family’s situation. Request your free benefits analysis or contact our Tampa office at (813) 544-2908 for more information.