Feds, annuitants now have a new LTC option
- By Sherkiya Wedgeworth
- Oct 28, 2019
The Office of Personnel Management has officially launched, FLTCIP 3.0, a new plan and rate structure under the Federal Long Term Care Insurance Program.
FLTCIP 3.0 is a traditional long term care insurance plan with an emphasis on stay-at-home care and home care provided by health professionals as well as family and friends. The highlight of the new plan is a bonus “premium stabilization” feature.
Under the premium stabilization feature, there is an adjustable amount that is calculated as a percentage of premiums paid, which is designed to reduce the potential need for future premium increases.
“Under certain conditions, the amount may be used to offset an enrollee’s future premium payments or provide a refund of premium death benefit,” according to OPM.
The new benefit is available to federal and U.S. Postal Service employees and annuitants, active and retired members of the uniformed services, and qualified relatives who apply for coverage on or after October 21, 2019.
Learn more here.