It’s not quite Christmas in July, but Federal Long Term Care Insurance Program members are getting an early look at coverage options and premium hikes.
Beginning July 18, FLTCIP members can access their offer package online and view new premium rates, which the Office of Personnel Management said will range from 0-126 percent.
The increase is due to longer life expectancies, the lower rate of return of the investment in the trust fund of premiums, and basic inflationary increases.
“We understand that a premium increase may not be affordable for some. This is why we are offering enrollees personalized options to help reduce the impact of the premium increase,” said Joan Melanson, director of promotion for FLTCIP. “John Hancock [Life & Health Insurance company] proposed significantly higher premiums because recent analysis of the program, using updated assumptions based on identified trends and actual claims experience, indicated that the current FLTCIP premiums would not be sufficient to meet the future, projected costs of the benefits.”
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