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. 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.
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.
Should the need for long term care arise—whether it’s assistance to perform activities of daily living or supervision due to a severe cognitive impairment—it’s likely to be provided by a family member or friend. Unfortunately, this may not be an ideal option, with many families living far apart from each other. And, your parents may not be willing to place that burden on you or even a close friend. The good news is, they are eligible to apply for coverage under the Federal Long Term Care Insurance Program (FLTCIP).
Encourage your qualified relatives to plan now
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. Also, premiums are directly related to age. This means the younger people are when they apply for coverage, the lower their premium.
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.
Many members of the federal family are eligible to apply for coverage under the FLTCIP, including federal and U.S. Postal Service employees and annuitants, as well as active and retired members of the uniformed services. Certain family members, or qualified relatives, are also eligible. Qualified relatives include your spouse, domestic partner, parents and parents-in-law, and adult children.
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.
Start planning today
To learn more about the FLTCIP, visit LTCFEDS.com. 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 May 2020).