Virginia, United States – Federal Long-Term Care Insurance Program (FLTCIP) suspension came after John Hancock Life & Health Insurance Company notified the federal Office of Personnel Management (OPM) that existing premiums are unsustainable and it would need to seek significant rate increases. The deadline for applications is the 18th of December, 2022. With a deep understanding of regulations, reimbursement rules, and facility operations, Policy Solver’s consultants can help federal employees overcome challenges and take advantage of opportunities. Policy Solver will be there for you during every phase of the process as part of their commitment to streamlining the process for federal workers.
With the announcement that applications for FLTCIP will be suspended for two years, new federal workers have a very small window to apply. According to the Federal Register, OPM will not accept new enrollments, and federal employees will need to find alternative health insurance. The Office of Personnel Management has also concluded that changes to FLTCIP premium rates are likely.
The Office of Personnel Management expects the 24-month suspension period will be required to ensure FLTCIP premium rates appropriately and equitably reflect the cost of benefits delivered and to review or amend as needed.
While the future remains impossible to predict, long-term care is not. Long-term care encompasses anyone struggling with “Activities of Daily Living” or everyday tasks and responsibilities.
Employees at the federal level should not overlook the importance of long-term care insurance and make financial plans for the future to ensure their families won’t be left in the lurch if their loved one becomes ill.
How can Policy Solver help federal workers? The consultants at Policy can help maintain federal workers financial health by reviewing their options on the best way to fund long-term care.
Stephanie Wilson, Chief Operating Officer, explains Policy Solver’s commitment to helping federal employees:
“While the future of FLTCIP is unclear, Policy Solver is committed to helping you feel secure in your long-term care planning. While current federal employees may count on the Federal Health Benefits Program (FHEB) and Medicare to pay for their healthcare needs, new federal employees may run out of resources before their tenure is over.
Our advisors can help you prepare and create a long-term care financial strategy. We can help you tailor your long-term care plan to ensure the expenses are included and are a part of your retirement preparations, regardless of whether you intend to pay for your care with an annuity, a reverse mortgage, or a government program.
When you’re ready to take the next step, our advisors will be here to provide advice and help.”
Visit their website for more customized planning and individual consulting.
About Policy Solver:
Policy Solver is a consumer-focused insurance broker, specializing in helping people get the information they need to make the right decisions when it comes to insurance.
They provide unbiased content, helpful tools, and resources to help people plan for their insurance needs, and are specifically focused on insurance products like long-term care insurance, Medicare, and disability insurance. Policy Solver has agents with over 25+ years of experience and will work to craft the right insurance solution for each individual or family’s unique needs.