Federal Long-Term Care Insurance: What You Need to Know

Shawn Plummer

CEO, The Annuity Expert

You’re in the right place if you’ve been wondering about the United States Federal Long-Term Care Insurance Program. This guide will walk you through everything you need to know, including the expected changes in 2023.

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Understanding the United States Federal Long-Term Care Insurance Program

Let’s start with the basics. The United States Federal Long-Term Care Insurance Program (FLTCIP) is a voluntary insurance program available to federal employees, including uniformed service members and qualified relatives. The program provides an essential safety net that helps cover the costs of long-term care services.

Long-term care includes in-home care, adult day care, assisted living facilities, or nursing homes. These services may be necessary due to aging, chronic illness, injury, or disability. This insurance aims to help protect you and your family from the high costs associated with such care.

Federal Long-Term Care Insurance

Federal Long-Term Care Insurance Premium Increase 2023

One key consideration when considering Federal Long-Term Care Insurance is how much it will cost. Predicting these costs can be challenging, but understanding the trends in premium increases can help.

In 2023, the federal long-term care insurance premium is expected to increase. While exact figures may vary, industry experts predict a moderate rise due to inflation, increased demand for long-term care services, and evolving industry regulations. For the most accurate and up-to-date information, contact Long Term Care Partners, LLC, via the phone number listed on their official website.

Does Federal Long-Term Care Insurance Cover Assisted Living?

Another question we often hear is whether federal employee long-term care insurance covers assisted living. The good news is, yes, it does. The Federal Long-Term Care Insurance Program offers coverage for care in various settings, including assisted living facilities.

This coverage can help make a significant difference in managing the cost of care. However, it’s essential to read your specific policy details, as the extent of coverage can vary based on your selected plan and benefit options.

Federal Long Term Care Insurance Program Cost

what disqualifies from long-term care insurance?

While the Federal Long-Term Care Insurance program aims to be accessible, certain conditions may disqualify an individual from long-term care. These can include certain severe health conditions, such as certain types of cancer or progressive neurological disorders.

However, each case is evaluated individually, and denial in the past does not necessarily mean you will be disqualified in the future. If you’re concerned about potential disqualifications, consulting directly with a Long Term Care Partners, LLC phone number and representative for personalized advice is best.

Federal Long-Term Care Insurance Premium Increase

Next Steps

Federal Long-Term Care Insurance provides a crucial safety net for federal employees and their families as they navigate the complexities of long-term care. However, with anticipated premium increases in 2023 and potential disqualifications, staying informed and regularly reviewing your policy is essential. Remember, while this guide provides a general overview, you should consult a professional for personalized advice tailored to your unique circumstances. So stay informed, stay prepared, and you’ll be ready to handle whatever comes your way.

Federal Ltci Program Cost

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Frequently Asked Questions

What is the biggest drawback of long-term care insurance?

Long-term care insurance has drawbacks, such as increasing premiums that can become unaffordable for some seniors. Additionally, traditional LTCI does not offer a return of premium, meaning that if you never need long-term care, all the money paid into the policy is lost.

Why do people not plan for long-term care?

It is a common misunderstanding among adults that their existing plans, such as Medicare and Medigap, cover long-term care (LTC) expenses. Some also underestimate the possibility of requiring LTC services in the future. For some individuals, the cost of LTC coverage is too high, or they have other pressing expenses to address.

Is long-term care insurance worth it?

For most people, having a long-term care insurance policy is beneficial because it protects against the costs associated with nursing homes, assisted living, or custodial care. If you do not have coverage, you may need to pay over $54,000 per year out-of-pocket for long-term care expenses.

Which of the following are not covered by long-term care insurance?

Long-term care policies often exclude coverage for mental illness, except Alzheimer’s, senile dementia, or demonstrable organic brain disease. In addition, the policies typically do not cover intentionally self-inflicted injuries, alcoholism, or drug addiction.

Can you cash out a long-term care policy?

Two options are usually available for cashing out a long-term care insurance policy: 1) getting a partial refund of the premiums paid or 2) selling the policy through a life settlement for its current market value.

Who is the largest insurer of long-term care in the US?

New York Life Insurance Company, established in 1845, is the US’s most prominent mutual life insurance company. They provide conventional long-term care insurance and plans incorporating both long-term and life insurance advantages.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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