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Long-term care rates to increase

from NARFE

It was announced last week that Federal Long Term Care Insurance Program rates will increase this year. Current enrollees in the program, which provides coverage to help pay for the cost of care when an individual needs assistance with everyday activities or suffers from severe cognitive impairment, such as Alzheimer’s disease, can expect rates to rise substantially. The rate change, which is currently being finalized, will take effect no earlier than fall 2016.

The rate increase occurs after the Office of Personnel Management awarded a new, seven-year contract to John Hancock Life and Health Insurance Co. to underwrite and administer the program. John Hancock was the only company that submitted a bid.

Long Term Care Partners, a division of John Hancock that administers FLTCIP, will send every current enrollee a letter prior to the effective date of the premium increases, explaining benefit options that could help mitigate the higher rates. NARFE will keep its members informed as more details become available. more

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