Buying long term care insurance is an important financial decision. Long term care services can be expensive, and the cost depends on the type of care you need and where you receive it. It’s hard to know if and when you’ll need long term care, but the fact is, a long term care event can happen to anyone at any time. It can be due to an extended illness or injury, or simply the aging process. That’s why it’s a good idea to plan now.
But like many people, you may question whether long term care insurance is worth the cost. If you struggle with the question, “What’s it worth?,” look beyond dollars. In addition to peace of mind, evaluate how an insurance program like the Federal Long Term Care Insurance Program (FLTCIP) can help ensure your independence, as well as maintain your quality of life and positive relationships with family members and friends, should you ever need long term care.
The value of FLTCIP coverage
The FLTCIP is a traditional, group long term care insurance plan available to eligible federal and U.S. Postal Service employees and annuitants, active and retired uniformed service members, and certain qualified relatives. Qualified relatives include spouses, domestic partners, adult children, and parents, parents-in-law, and stepparents.
FLTCIP benefits include:
- long term care services in a variety of settings and your choice of caregiver
- a stay-at-home benefit that supports care in your home, helping you maintain your quality of life in familiar surroundings
- informal care provided by friends and family members is covered, as long as the caregiver isn’t your spouse or domestic partner and does not live in your home at the time you become eligible for benefits (benefits for care provided by family members are limited to 500 days)
- care coordination services for all enrollees and their qualified relatives
More than peace of mind
FLTCIP 3.0, the current plan available to new applicants, is different from other group long term care insurance plans. Its built-in, innovative premium stabilization feature (PSF) is designed to help reduce the potential need for future premium increases. Under certain conditions, the PSF may also be used to partially offset your future premium payments or provide a refund of premium death benefit to your estate or designated beneficiary should you never need to use your long term care benefits.
Build a plan that’s right for you
There’s no one-size-fits-all when it comes to long term care insurance. The FLTCIP’s new Guided Planner is designed to simplify the process and help guide you through key considerations when deciding what plan is right for you, such as:
- Cost of care: Compare the national average cost of long term care with other locations in the United States. You can choose where you live, or plan to retire.
- Care options: Learn more about different care options, such as home care, assisted living facilities, and nursing homes, as well as the associated costs.
- Inflation protection: Understand the impact of inflation on the cost of care over time and see examples of how our inflation protection options can help.
Visit LTCFEDS.com/explore to learn more about the FLTCIP’s Guided Planner and find a plan that’s right for you.
The Federal Long Term Care Insurance Program is sponsored by the U.S. Office of Personnel Management, insured by John Hancock Life & Health Insurance Company, under a group long term care insurance policy, and administered by Long Term Care Partners, LLC.