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Considerations for the Federal Long-Term Care Insurance Program

LTC

Analyst
DOD
Wed Aug 27, 2008 9:24 AM

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Bait and switch.

What is the effect on current LTC policy holders?

ATCS
FAA
Wed Aug 27, 2008 9:48 AM

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The article focuses on new applicants.

I bought a policy when it was first offered to government employees at a flat rate (doesn't increase with age) thoughout my lifetime, or so I thought. Does this mean rates change for currrent policyholders??

Re: What is the effect on current LTC policy holders?

Retired Manager
HHS
Wed Aug 27, 2008 10:35 AM
The way I read it, rates can go up when the policies are administered under new contract(s). Don't be too surprised. I was eligible for both the Fed LTC and CalPERS LTC in 2002 and decided to go the CalPERS route. My premiums jumped from $267 qrtr after the first year, to $346 and now have been $504/qrtr for the last two years. LTC insurance is expensive and will become increasingly so until we elect an administration and Congress that really are interested in reigning in health costs and remaking our broken system.

Re: What is the effect on current LTC policy holders?

Accountant
Dod
Wed Aug 27, 2008 3:09 PM
That is definitely what we were told when they first started the program was the premiums would not change - as a matter of fact, they used that as a big selling point to join the program!

Re: What is the effect on current LTC policy holders?

Engineer
USACE
Wed Aug 27, 2008 3:45 PM
TheFederal Long-Term Care Insurance Program promotes the following in all of its LTC imformation "The Federal Program calculates the initial cost of your plan, known as premium, based on your age on the date we receive your application and the benefit options you select. Your premiums do not change because you get older or your health changes after your coverage becomes effective. “
BUT !!!!!! and it is a big one !!!!!Others places on the OPM website it says “ Your premiums can change only with OPM’s approval and only on a group basis” So folks once again the over-educated, less than intelligent OPM employees( some lawers I am sure are in this group) have managed to hide a very important fact from us . So we can expect our premiums to go up. As federal employees know OPM will only accept bids that increase the cost and decrease benefits of any insurance product. A practice we see every year with our health insurance

Federal Long Term Care considerations

Retired
Departmen Of Energy
Wed Aug 27, 2008 3:37 PM

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Beware! My mother, in a nursing home, had a long term policy which would pay a small monthly amount for 12 months, after the company received copies of the medical bills. I mailed the bills monthly, and we did, in fact, receive all money owed. But getting that money involved considerable effort. At least 7 of those 12 months that I sent the copies, the insurance money didn't arrive in her account until I had re-sent the them at least once, and often several times more. I reached the point of both mailing and faxing the paperwork, but for at least 7 of those months, after calling the company, was told that it had still not been received, even after I'd received printed verification that it had. I once paid for proof of delivery (signature), but was still told, even after receiving that proof, that there was no record the paperwork was mailed. An elederly person with no one helping, will quite likely never be paid. And this is exactly what the companies are gambling on.

Re: Federal Long Term Care considerations

eng
nasa
Thu Aug 28, 2008 7:32 AM
FTLC is a farce. It is set up by crooked nursing home lawyers, whether by OPM or private institutions. The helpless inocent get no mercy. All for me and nothing for you. The social workers say take,take and take what they have.

Re: Federal Long Term Care considerations

Retired Manager
HHS
Thu Aug 28, 2008 2:32 PM
I would disagree that the Fed LTC is a farce. I appreciate the comments by the USACE engineer above--they state a fact that folks seem to have difficulty absorbing. Costs of gas go up, prices go up; we seem to be able to accept this fact intellectually, but feel bait & switch tactics are at hand with Fed LTC. I don't think so. I think OPM (altho I can't say whether this admin has politicized OPM as well) tries to find the best deal for feds. The issue is reforming our horrible health care system. I do believe that until there is some kind of affordable, uniform health care for all Americans, we will continue to see the private-for-profit sector cannabilizing our $, so I feel the need to protect myself by having LTC. I hope it gets better. In the meantime, I suggest that folks really determine what you need. If you have no genetic LTC issues, perhaps you need only to cover 2-5 years, or a smaller period. I didn't do "due diligence" when I bought mine because I was "2 busy"-my bad!

Something to consider

Program Manager
OPM
Wed Sep 3, 2008 5:12 PM

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I signed up for FED LTC insurance when it was first offered to us. I was 35 years old. I was encouraged to do so, after witnessing first hand, how this coverage could have benefited my dad, who suffers from TBI (traumatic brain injury) as a result of a nasty fall in my parent's home. At the time, my dad was 56 years old with over 30 years of federal government service and 2 months away from retirement. My dad required care additional care, beyond what his health insurance provided. Luckily, he is a VET and received services from the VA. Prior to those services, however he spent time in rehabilitation center and most of the cost WAS NOT covered by his health insurance. My family and I sponsored a bowl-a-thon to assist with the astronomical cost of his care. Additionally, he spent time in a nursing home and we had to pay the cost out of pocket because he was not yet 62; therefore not eligible for medicare. LTC insurance would have benefited him. It's not just for the elderly

LONG TERM INSURANCE

LVN
VAMC
Tue Sep 9, 2008 4:06 PM

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i am 68 years old, i bought the insurance when it was initially offered to federal employees. there was no mention of a contract ending date. i thought, (i'm sure), as did many others, it would be in force for the long term once accepted.
i think it was poor customer service for opm to not make employees aware that the contract had an ending date prior to applying for the insurance. i believe those of us who applied and were accepted, should be able to remain in the insurance and under the same terms that we signed in for.
to say i am upset, is an under statement.
an angry federal employee.

Total Comments: 10
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