Monday, September 28, 2015
Federal Long Term Care Insurance Plan Raises Rates Reports AALTCI
Costs for the long term care insurance program offered to federal employees, military personnel, retired federal workers and certain family members have been increased.
“This frankly was a surprise because the program is up to be rebid shortly when one assumes rates will go up,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). “The last premium increase took place back in 2009 which made this policy less expensive than many policies available to individuals. That may seem good but it also means a rate increase for policyholders or a change in policy benefits could be likely.”
According to Slome, the Federal long-term care insurance program is the nation’s largest. “It’s a voluntary program and we haven’t seen numbers lately but at one time, there were some 270,000 plan participants,” Slome acknowledged.
“Is the federal plan the best option for someone who is eligible?” Slome rhetorically asks. “It could very well be, especially if you are a single woman or have some existing health conditions. But if you are in good health or qualify for a discount insurers offer to couples or partners when one or both apply, it really pays to compare.”
Slome advises consumers interested in comparing long term care insurance policies work with a knowledgeable specialist who can compare at least four or five of the major insurers. “There are significant price and policy option differences that make it important to work with someone who does not favor just one particular policy,” Slome shares.