Since its launch in 2002, the Federal Long Term Care Insurance Program (FLTCIP) has offered active and retired members of the uniformed services and their families, the opportunity to take control of their future long term care needs. Designed to be both flexible and affordable for a range of budgets, the program has grown to be the largest of its kind in the nation, with more than 273,000 enrollees. When enrollees are asked why they value the FLTCIP, the following reasons typically top the list.
Flexibility: A choice of care settings and providers
The FLTCIP can give enrollees confidence that, if a long term care event occurs, their insurance will help reimburse for care in the setting of their choice, whether at home, in an assisted living facility, or in a nursing home. Both formal care from licensed professionals and informal care provided by friends and family members1 are covered.
In fact, coverage for informal care has been a hallmark of the program from the start. By reimbursing friends and family members1 who serve as caregivers, the FLTCIP makes it possible for enrollees to remain at home and avoid or postpone entering a facility. The importance of what’s called “aging in place” (and receiving care from a familiar individual) is evident in the FLTCIP’s claim history.Informal, home-based care is -- and has always been -- the number one choice of enrollees receiving benefits.
Freedom: Helping to preserve independence
The program can be especially attractive to individuals who value their independence and who may worry about relying on a spouse or children should they need care. Having such coverage helps spouses maintain their current lifestyle and minimizes the financial and emotional sacrifices adult children are often asked to make when a long term care event occurs.
Protection: Helping to safeguard retirement savings and assets
Another key to the program’s success is its ability to help protect retirement income and savings from the high cost of care. Families who have experienced a long term care event know that services can be expensive, and that costs continue to escalate. For instance, three years of care at home with a health aide, in an assisted living facility, or in a nursing home can range from $88,920 to more than $248,0002.
Take the Next Step Today
Click to learn more about the FLTCIP’s comprehensive benefits and features or to find out information on cost of care in your area. For personalized assistance, call 1-800-LTC-FEDS (1-800-582-3337)/TTY 1-800-843-3557 to speak with a program consultant. They are available to answer any questions you may have and can walk you step-by-step through the plan design and application process.
1Benefits for informal caregivers who are family members are limited to 500 days in your lifetime. To be eligible for reimbursement as an informal caregiver, a family member must not have been living in your home at the time you became eligible for benefits. 2John Hancock Life & Health Insurance Company. "John Hancock 2013 Cost of Care Survey," conducted by LifePlans, Inc., April 2013. The Federal Long Term Care Insurance Program is sponsored by the U.S. Office of Personnel Management, offered by John Hancock Life & Health Insurance Company, and administered by Long Term Care Partners, LLC.