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How The Premium Increase for Federal Long Term Care Insurance May Impact You
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was this an intentional bait and switch?
Agriculture
Tue Sep 29, 2009 9:09 PM
Post Reply
I really dislike lawyers,but how can a policy that guaranteed no increase in the fee schedule all of a sudden charge a 25% premium increase ?
I signed up at age 50 so I would have a lower and STABLE lifetime rate. That was the incentive , so now I have in essence wasted all the money I spent on this policy .
How can OPM just completely ignore what was promised in the original contract . Is this why we now have a new underwriter so we can not sue for breach of contract ?
LTC Premium Increase
HHS
Wed Sep 30, 2009 3:21 AM
Post Reply
When the Fed LTC program came out, I was still working and really too busy to mull through what I felt was a fairly complicated offering--so I opted instead for another plan for which I was eligible thru my sister's employment. CalPers seemed to have a very simple plan. I was 52 when I enrolled (11/2002)and premiums (for the top benefits) were $267/qrtr. They increased the next year to $347/qrtr and in 9/07 went to $504/qrtr. Was I unhappy? Yes, but, it's insurance folks--costs change with claims experience. So you should not be so shocked. Would you like your pension to stay exactly the same with no COL ever? I think we have a lot of dreamers here.
Re: LTC Premium Increase
fed
Wed Sep 30, 2009 12:21 PM
Re: LTC Premium Increase
D.O.D
Tue Oct 13, 2009 5:54 PM
FLTCP
DOD
Wed Sep 30, 2009 8:35 AM
Post Reply
When I signed up six years ago for FLTCP I was told the premium would be "locked" for life based on age at sign up. What a farce!
LTB Insurance Premium Increase
Census Bureau
Wed Sep 30, 2009 8:44 AM
Post Reply
I am furious about this. They told us one of the advantages of signing up when we did was that our premiums would not increase. In fact, OPM said that even if the insurance companies did try to increase our premiums, it would require the approval of OPM, and OPM would NOT approve it, so we were safe. Just another reason why we can't trust what the Government tells us. We were lied to!
Deceptive Presentation
usda
Wed Sep 30, 2009 9:23 AM
Post Reply
When Long Term Care Insurance was first offered, the "advertising" strongly inferred that there would never be a premium increase. The word-smithing that is now employed to effect an increase is one of those awful "in fine print" things that I never would have suspected OPM to be guilty of. OPM and all involved in this "let's fool them with fine print" tactic on Federal employees should be ashamed and prosecuted to the full extent of the law. John Hancock should be doubly ashamed for joining the group of corporations who want to pad their own coffers at the expense of older Federal employees. This warrants a class-action EEO complaint. Federal employees: this does not involve expense - we can represent ourselves and prevail - OPM and John Hancock will be exposed as the greedy manipulators that they have shown us to be!
Re: Deceptive Presentation
DoD
Wed Sep 30, 2009 12:14 PM
ANGRY about LTC
VA
Wed Sep 30, 2009 10:01 AM
Post Reply
When the LTC was initially offered, the younger you were, the cheaper the rates. I was so fortunate, at least I thought, to purchase it before I was 50 (I was 48). So my 'youth" was an asset.
Now with their insane logic, my youth is now a liability. I'm going to pay dearly for signing up when I was young and I'm sure this won't be the end of it.
Should I have waited until I was an old woman? None of this makes any sense.
OPM really screwed this one up royally.
Federal Long Term Health Care
Fed Gov Retiree
Wed Sep 30, 2009 10:08 AM
Post Reply
I signed up because we were told there would be no premium increase for the lifetime of the policy. It seemed to be an unbelievably good deal. I'm a sucker to have fallen for such a line, conveyed with slick brochures. All who were suckered should be afforded recourse for being lied to. How about refunding all premiums paid to date.
The FLTHC premium increase is insane, and when coupled with the unjust increases being applied by all health insurance providers adds up to more cost than most people can afford.
When will we have opportunity to sign up for a public option??