Federal Long Term Care Insurance
The Federal Long Term Care Insurance policy is provided through the United States Office of Personnel Management and provides long term care insurance to federal employees, federal retirees and their survivors and United States Postal Service employees. Essentially, anyone who is eligible to receive Federal Employees Health Benefits is also eligible to receive Federal Long Term Care Insurance, often abbreviated as FLTCIP.
As many federal employees consider the importance of health, dental, vision and life insurance one area where insurance needs are often neglected is in long term care insurance. This type of insurance will cover the expenses required by those who are undergoing long term health issues that make it difficult or improbable that the individual can care for him or herself on a daily basis.
Under a Federal Long Term Care Insurance policy, the insured is entitled to receive coverage for costs such as an adult day care facility, at home nurses and other health care workers that provide assistance with day-to-day care or medical needs inside the patient’s home, residential costs of staying in a nursing home or rehabilitation facility and the costs of living in a assisted living facility. Federal Long Term Care Insurance will also cover the expense of a hospice stay. Those who attempt to pay for these costs out of pocket often find the situation is an enormous financial burden.
The costs associated with the expense of long term care can quickly deplete a savings account and cause a person to lose their lifelong savings. Some even find that after they lose their own savings, the cost of long term care falls upon their children and soon, family members are sharing the burden and their savings are threatened as well. Those who work for the government and are eligible should speak to their financial planner regarding purchasing a Federal Long Term Care Insurance Policy and determine how the policy will work best with his or her financial plan.
It’s important to apply for Federal Long Term Care Insurance while you are young and in good health. As these types of insurance policies are medically underwritten, those who try to apply while in a degenerative condition may find they are not approved or that their premiums are extremely high. Always choose Federal Long Term Care Insurance while you are in good health, insurable, and without any health conditions that would prevent you from being covered.
Since Federal Long Term Care Insurance is medically underwritten, not only will you be expected to verify your medical history, but there is also an applicable waiting period that must be met before claims can be made. The waiting period is ninety days and there is only a one time requirement throughout someone’s life to meet the waiting period. This is another reason why you should choose Federal Long Term Care Insurance while young and in good health.
Those who choose Federal Long Term Care Insurance should take the necessary time to make certain they choose a policy at a price they can afford. You may use insurance calculators to help figure out the best policy plan for your specific needs. Policy rates are determined by the age of the enrollee, giving more reason why those who are young should invest in a policy right away and not put off selecting a policy until a later date.
Those who apply for a Federal Long Term Care Insurance Plan will find that there aren’t many packages to select from as there are four pre-packed plans referred to as plans: A, B, C, and D. You may also customize your own policy to ensure you get the benefits that you need at a price you can afford. Factors to take into consideration when choosing a Federal Long Term Care Insurance policy include the daily benefit amount, the benefit period, the maximum lifetime benefit the insurance will pay, waiting period and the rate of inflation protection associated with the policy.
Long term care has become a growing need in society as new medications and health techniques are extending a person’s lifespan. The chances of individuals requiring this type of health service continues to increase each day. Do not put off this type of insurance; consider choosing a Federal Long Term Care Insurance policy to best protect your health and your future.