Thursday, December 8, 2022
HomeLife InsuranceFederal Authorities to Droop Lengthy-Time period Care Advantages Program

Federal Authorities to Droop Lengthy-Time period Care Advantages Program

Purchasers who’re federal authorities staff have only some extra days to enroll in the Federal Lengthy Time period Care Insurance coverage Program.

The U.S. Workplace of Personnel Administration says it can cease taking functions for FLTCIP protection at 11:59 p.m. Japanese Time Dec. 18.

Program managers posted a brief discover in November saying that they deliberate to droop program enrollment for at the least two years to provide the protection issuer, Manulife Monetary’s John Hancock Life & Well being Insurance coverage Firm, “time to totally assess profit choices and set up sustainable premium charges that moderately and equitably replicate the price of the advantages offered.”

Protection for present claimants and present enrollees who usually are not but on declare won’t change so long as they proceed to pay the premiums, OPM officers mentioned.

The Historical past

Different issuers of stand-alone long-term care insurance coverage regarded the federal LTCI program as a formidable competitor when it got here to life in the summertime of 2002. John Hancock and a unit of MetLife teamed as much as present voluntary protection for energetic federal staff, staff’ spouses and staff’ dad and mom.

This system got here up for renewal each seven years.



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments