Reply to Long Term Care: FLTCIP

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[quote=Anonymous][quote=Anonymous]So I think I have 2.0--definitely not 3.0 as I've been signed up for some time.  Should I hang on to it?  I am nearing retirement.[/quote]

I would check the quotes under the new FLTCIP 3.0 first. I just calculated my premiums and the premiums would be slightly cheaper but significantly cut back.

FLTCIP 2.0: $100 daily benefit/4% annual compounded inflation option/lifetime benefits = $35 biweekly
FLTCIP 3.0: $100 daily benefit/3% ACIO/5 years worth of benefits not to exceed $182500 = $26.37 biweekly

i noticed they don't have unlimited benefits anymore under FLTCIP 3.0. figures. the actuaries completely underestimated the longevity of feds and thought we'd all die out before tapping in and needing the services.

full disclosure, i bought LTC when i was 24 years old at the prodding of a friend in CSRS. she accurately predicted that the actuaries got it wrong and advised me to get enrolled before they find out of their errors. turns out she was right. i'll be in here for the long haul though so there's no predicting my future premiums.
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