Last week, we shared some statistics regarding the cost of long-term nursing care. While it’s not something anyone loves to think about, part of retirement planning involves preparing for a variety of outcomes. Since health problems do become more common as we age, everyone should consider how they will pay for long-term care in the event that it is needed.
As a federal employee, you have the option of enrolling in the Federal Long Term Care Insurance Program (FLTCIP). This is a convenient option, since you can have premium payments directly debited from your paycheck (or pension, if you’re already retired). Aside from convenience, the program is a quality one, offering the following features.
Choice in care. Under FLTCIP, you are able to select from several options which include a traditional nursing home, assisted living facilities, or in-home care. If you prefer to receive your care from family members or someone else whom you choose, the program even pays for that choice. Again, these options are included in your plan, you just need to pick one. We can help you to understand the different options.
In-home care is streamlined and efficient. Many people prefer to receive care in their own homes when possible, but some long-term care insurance programs do not accommodate this choice very well. The FLTCIP provides various tools to help you coordinate your care. It might pay for modifications to your home, equipment, an emergency response service, caregiver training, and more.
Keep your coverage even when you change jobs. Once you enroll in the program, you can keep your benefits as long as you pay your premiums. You can even leave government employment and go to work in the private sector, and retain your FLTCIP policy. This is a tremendous advantage.
Guaranteed renewal. As you age or your health status changes, you cannot be denied coverage so long as you continue to pay your premiums.
No premiums required when you claim benefits. Once you need to utilize your long-term care benefits, you won’t have to pay premiums anymore (after passing an initial waiting period).
These are just a few of the features of the Federal Long Term Care benefits. We understand that it can be difficult to fully grasp all of the details and we’re here to guide you along the process. If you need assistance, feel free to contact us.