Reply to Federal Long Term Care insurance?

Forum Index » Money and Finances

Reply to "Federal Long Term Care insurance?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Bumping this discussion back up:

OPM is shutting down the federal LTC program for two years to new applicants and coverage increases on Monday, December 19. You must apply by 11:59pm on December 18.

My prediction is that they are going to introduce a new LTC 4.0 program with even worse coverage and higher premiums. If you want to participate in the current program or increase your coverage, you must do so this week. You do not need to wait for open season or a qualifying life event.

I just opted in last night, as I am a new employee to my agency. It required only an abbreviated underwriting questionnaire with no medical appointment required. My coverage is $300/day for 5 years with $547K lifetime cap. I’m age 41 and it’s costing me $122 per pay period. There is a 3% annual compounding inflation rate for the benefit amounts, while the premium stays static (except when the program is rebid). My great grandparents lived until 100, so I expect longevity.

The good thing about the Fed plan - the plan also covers your spouse or kids, so long as they don’t have qualifying medical conditions; it covers informal caregivers (like relatives or a friend who provided care); premium refund benefit upon your death

My spouse has a preexisting medical condition, so doesn’t qualify under the federal LTC plan (or any LTC plan). So we will need to save separately for my spouse, but at least my care is covered.[/quote]

My father is in skilled nurisng now at a cost of $600 a day.  This includes a private room but not memory care.  We need some private duty nurses as well.  Please be sure to save for yourself as well.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics