Oversight panel requests info on FLTCIP premium hike
- By FederalSoup Staff
- Aug 24, 2016
The House Oversight and Government Reform Committee has asked the administrator of the Federal Long Term Care Insurance Program to provide the panel with documents and information regarding the steep premium increases announced last month.
The request came in an Aug. 23 letter to Craig Bromley, president of John Hancock Financial Services. John Hancock Life and Health Insurance Co., the current administrator of the program, was the sole and winning bidder for the new contract to provide FLTCIP coverage.
Last month, OPM announced that nearly all of the 274,000 enrollees in the program will face an average 83 percent increase in premiums.
In their letter to Bromley, the leaders of the oversight committee and the panel’s Subcommittee on Government Operations gave the company until Sept. 2 to provide documents and information related to its FLTCIP award contract, copies of contracts OPM awarded to the firm between 2001 and 2009, information related to the cost analysis that underlies the premium increases, quarterly reports on investment returns on FLTCIP assets, as well as other materials.
See the letter here.