The next time you look back at the many years your parents cared for you, consider the possibility that they may require care themselves someday. With people living longer, the chances of you or an aging relative requiring this type of care increases, which may bring added responsibility for you and your family. That’s why it’s a good idea to have a long-range care plan in place.
Millions of Americans require long term care during their lifetime,1 which includes assistance with simple tasks like bathing, eating, and dressing—trivial things we do every day without a second thought. In reality, the type of care needed to provide assistance with these activities can be expensive and is generally not covered by traditional health plans or Medicare.
That’s where the Federal Long Term Care Insurance Program (FLTCIP) comes in. As part of your federal benefits, you and your qualified relatives are eligible to apply for long term care insurance coverage under the FLTCIP. Even if you don’t apply, consider how a spouse, parent, or other family member may benefit from this important coverage.
Long term care insurance can help ensure that your parents will get the care they need, should there come a time when they require help managing some of the activities we associate with independent living. Because long term care is typically not covered by health insurance, it’s often provided by adult children, other family members, or friends. Discussing a plan with your parents in advance can help set your family’s expectations and eliminate uncertainty if a life-changing event does occur. A financial plan that includes long term care insurance can help ensure their independence, reduce their reliance on loved ones, and protect their savings and assets.
Start the conversation
Talk candidly with your family members and tell them about the FLTCIP. The best time for your family members to consider long term care insurance is long before they need it. Because the FLTCIP is medically underwritten, it’s important for your qualified relatives to apply when they are in good health to avoid the risk that a future illness or condition may prevent them from obtaining coverage later.
One thing to keep in mind as you and your family members consider applying for this insurance coverage is that premiums are based on your age, so the younger you are when you apply, the lower your premiums will be. Of the 268,000 federal family members enrolled in the FLTCIP, more than 50% started their coverage before age 55.
You may wish to consider applying for coverage as well, as a way to help secure your family’s future. With benefits designed specifically for the federal family, the FLTCIP offers a smart way to help protect your savings and assets should you or your loved ones need long term care services someday.
By starting the conversation and applying for the FLTCIP prior to needing care, you can help prepare for the unexpected and bring peace of mind to yourself and your family.
Take the next step today
Visit LTCFEDS.com/protectmyfamily for details about services covered under this group policy to better understand your long term care insurance options and which FLTCIP plan may be right for you.
For personalized assistance, call 1-800-LTC-FEDS (1-800-582-3337) TTY 1-800-843-3557 to speak with a program consultant. They are available to answer any questions you may have and can walk you step-by-step through the plan design and application process.
1 Center for Disease Control and Prevention. “Long Term Care Services in the United States,” http://www.cdc.gov/nchs/data/nsltcp/long_term_care_services_2013.pdf (accessed September 2017).