Planning for the future is a crucial aspect of financial wellness, and considering long-term care is a significant part of that, especially for federal employees, annuitants, and their families. The Federal Long Term Care Insurance Program (FLTCIP) is designed to help with the costs of long-term care services when you need assistance with daily living or if you have a severe cognitive impairment like Alzheimer’s disease. Understanding whether you should get federal long term care insurance program coverage is essential, but it’s also important to know the current status of the program.
What is the Federal Long Term Care Insurance Program (FLTCIP)?
The FLTCIP is a program administered by the Office of Personnel Management (OPM) that offers long term care insurance to eligible federal and U.S. Postal Service employees and annuitants, active and retired members of the uniformed services, and their qualified relatives. Long term care insurance is designed to cover the costs associated with care that you might need if you are unable to perform everyday activities on your own due to illness, injury, or aging. This care can range from assistance at home to care in facilities like nursing homes. The FLTCIP aims to provide a safety net to help manage these potentially significant expenses.
Why is FLTCIP Enrollment Currently Suspended?
It’s important to be aware that enrollment in the FLTCIP is currently suspended. OPM has extended this suspension, and it is now effective until December 19, 2024. This means that individuals who are not currently enrolled cannot apply for coverage, and current enrollees are also restricted from increasing their coverage during this period.
This suspension is in place because of significant challenges in the long-term care insurance market. OPM has cited “ongoing volatility in long term care costs and a diminished insurance market” as the primary reasons. These factors make it difficult to offer benefit plans with premium rates that are both reasonable and accurately reflect the actual cost of providing the benefits, as required by federal law. Essentially, the program needs to be reassessed to ensure its long-term financial stability and viability for enrollees.
Who is Eligible for FLTCIP (When Enrollment Reopens)?
When the suspension is lifted and FLTCIP enrollment reopens, a broad range of individuals are typically eligible to apply. This includes:
- Most Federal and U.S. Postal Service employees. Crucially, for employees, eligibility for the Federal Employees Health Benefits (FEHB) Program is generally required to apply for FLTCIP, regardless of whether they are actually enrolled in FEHB.
- Federal and U.S. Postal Service annuitants (retirees). Annuitants do not need to be eligible for or enrolled in FEHB to apply.
- Active and retired members of the uniformed services.
- Qualified relatives of the above eligible individuals.
It’s worth noting that certain pre-existing medical conditions or combinations of conditions can affect eligibility for coverage. The only way to determine if you are eligible to enroll when the program is active is to submit an application.
Accessing Long Term Care Resources
Even though enrollment in FLTCIP is currently suspended, planning for long-term care remains important. For those interested in learning more about long-term care and the FLTCIP, or for current enrollees seeking assistance, resources are available.
You can contact Long Term Care Partners at 1-800-582-3337 for information about the program. Additionally, the LTCFEDS website provides comprehensive details about FLTCIP and related resources.
The LTCFEDS Care Navigator is another valuable tool. This resource library is designed to support both caregivers and individuals who may need care as they age. It offers guidance through different stages of aging, helping to determine appropriate levels of support and available options as needs evolve.
Conclusion
While current enrollment in the Federal Long Term Care Insurance Program is suspended, understanding its benefits and eligibility criteria is still important for federal employees and related individuals planning for their future. The suspension reflects challenges in the long-term care insurance market, and OPM is working to ensure the program’s sustainability. Staying informed about updates from OPM and LTCFEDS is recommended to know when enrollment may reopen and to access valuable resources for long-term care planning in the meantime. When the program is active, considering if you should get federal long term care insurance program coverage will be a vital part of comprehensive financial and retirement planning.
