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OVERVIEW
The Federal Long Term Care Insurance Program (FLTCIP) is an insurance program that covers services employees may need because they are unable to care for themselves. This is usually due to a chronic mental or physical condition.
Services covered by FLTCIP include nursing home care, home health care, assisted living facilities, adult day care, and personal/homemaker care. Coverage is completely voluntary and the government does not contribute to the plan, which means that employees are fully responsible for premiums.
FEATURES
There are several favorable features to the FLTCIP. New hires to the federal government receive an abbreviated underwriting of only seven health questions within the first 60 days of being hired. This same abbreviated service is possible for the spouse of a newly married employee within the first 60 days of marriage.
There are four benefit packages and two inflation protection features to the FLTCIP. The program is guaranteed renewable and you may elect to continue coverage even after you leave government service.
FLTCI also has several limits. The maximum daily benefit is only $300. Any costs above this amount are your responsibility, regardless of how long you have participated in the FLTCIP. There are also enrollment periods that require planning and preparation. Finally, benefit choices are limited and premiums are sometimes non-competitive with private sector plans.
YOUR OPTIONS
Employee Benefit Advisors maintains an extensive database of private alternative LTCI providers and coverage options that may be available. A Federal Benefits Specialist can provide you with selected companies’ product disclosure information and accurate coverage/cost comparisons.
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