Federal employees and their families can benefit from long-term care insurance

Long-term care insurance is a benefit often overlooked and forgotten — until you need it. Here are some reasons it's worth considering enrolling in long-term ...

April 30, 2018 10:11 am

This content is sponsored by the Federal Long Term Care Insurance Program

Long term care insurance is a benefit often overlooked and forgotten—until you need it. However, federal employees and some of their loved ones have the option to apply for coverage early on in their careers, which is an inexpensive investment that could save thousands of dollars down the road and provide welcome peace of mind.

If you’re a federal employee, don’t miss this chance to learn more about the Federal Employee Long Term Care Insurance Program (FLTCIP), who is eligible, what is covered, and how this insurance can be of benefit to you and your loved ones.

What is long-term care?

Long term care is the care you need if you can no longer perform everyday tasks by yourself due to chronic illness, injury, disability or the aging process, according to Long Term Care Partners, the administrators of the FLTCIP. You never know when disaster may strike or when you or your loved one may begin to suffer from physical or mental debilitation. Having long-term care insurance in place, should something happen to you, will help you get the professional care you need to lead the quality life you want.

Who is eligible?

What many federal, U.S. Postal Service, and uniformed service members don’t realize is that this benefit is available not just for themselves but for others in their families. The FLTCIP’s says those eligible to apply for this insurance are current spouses of eligible employees, current spouses of eligible annuitants, parents, parents-in-law, stepparents of living eligible employees, adult children (at least 18 years old, including adopted children and stepchildren) of living eligible employees and annuitants, and domestic partners (both same-sex and opposite sex) of eligible employees and annuitants.

Encouraging your loved ones to consider applying for coverage under this program can prevent future heartache and expense for members of your family.

The benefit of having long-term care insurance

Should the unexpected occur, paying for long-term care out-of-pocket can be expensive. For example, according to the John Hancock 2016 Cost of Care Survey, the national average cost for a semiprivate room in a nursing home was $91,615 annually. Home care was found to be cheaper than facility or nursing home care but still expensive: about $32,760 annually for a home health aide to visit six hours per day, five days a week.

So what if you’re not 65? Should you consider long-term care insurance? In a study by Georgetown University, researchers found that nearly 41 percent of long-term care recipients were under 65. And about 70 percent of people turning 65 will need long-term care at some point in their lives.

What is covered by long-term care insurance?

What many participants in health insurance, disability insurance and Medicare don’t realize is that those programs are not typically designed to cover long-term care expenses. That’s where long term care insurance steps in. Long-term care insurance is designed to cover a range of services designed to help support your quality of life, whether it be at home, an adult day care, an assisted living facility or a nursing center.

Perhaps the most important benefit is a priceless one: your loved one’s peace of mind. Knowing that you or your loved one is well taken care of—physically, mentally, and financially—is a great relief to those who care most.

The FLTCIP provides industry-leading benefits and offers flexible options that allow federal family members to tailor coverage to meet their needs. To learn more about your long term care insurance options under the FLTCIP and which plan may be right for you, visit LTCFEDS.com