Should You Consider the Federal Long Term Care Insurance Program?

Should You Consider the Federal Long Term Care Insurance Program?

Whether you’re currently employed by the federal government, or already retired from your years of service, you enjoy one of the best retirement packages in the country. You probably already know that… But many federal employees are less aware of some of the other benefits offered to them. In particular, the Federal Long Term Care Insurance Program (FLTCIP) offers distinct advantages that might protect you throughout your years of retirement.

You’re in charge of your care. At some point, your physician might recommend a move to a traditional nursing home or assisted living facility. In-home care is another common option. Under the FLTCIP, you are in charge of your care, not the program itself. You can choose the option you prefer, and the program even pays for care given by family members, friends, neighbors, and so on.

If you do choose to stay at home… The FLTCIP will provide necessary medical equipment, training for your caregivers, modifications to your home, care planning coordination, an emergency response system, and even home safety checks.

You keep your coverage. Once you have enrolled in the FLTCIP, you keep your benefits as long as you pay your premiums. Even if you leave government employment, you can stay in the program.

You won’t lose your benefits. Your coverage through the FLTCIP will be renewed each year, so long as you pay the premiums. Benefits are never canceled due to age or a change in health.

You won’t pay premiums while collecting benefits. In the event that you need to claim your benefits, there will be an initial waiting period. After that point, you won’t owe premiums anymore while collecting your benefits.

If you decide to protect yourself by enrolling in the Federal Long Term Care Insurance Program, you might be interested to know that premiums can be deducted from your paychecks. This way, planning for the future is easy and automatic. If you have questions about the FLTCIP or retirement planning in general, give us a call and we’ll be happy to assist you.