Many enrollees Federal Long Term Care Insurance Program (FLTCIP) will have a premium increase effective Jan. 1, 2024.
According to Long Term Care Partners, the subsidiary of of John Hancock Life & Health Insurance Company and the administrator of the FLTCIP, enrollees were sent sent letters this month about the premium increase with personalized options.
“Most FLTCIP enrollees are impacted by the current premium increase effective January 1, 2024,” a notice by Long Term Care Partners stated. “In general, you are impacted if you have FLTCIP 1.0, FLTCIP 2.0, or FLTCIP Alternative Insurance Plan (AIP) coverage and are not currently eligible for benefits or waiting for a decision on a pending claim. There may be exceptions to this depending on your issue age (the age you applied and were approved for coverage). If you are excluded from the current premium increase, you will receive a letter indicating this.”
Enrollees in FLTCIP 3.0 coverage are not impacted by the current premium increase.
The administrator also noted:
“If you are currently eligible for benefits or waiting for a decision on a pending claim and you have FLTCIP 1.0, FLTCIP 2.0 or FLTCIP AIP coverage, you are not impacted. In the event your condition improves so that you are no longer eligible for benefits, or your pending claim is not approved, then your coverage, if you have not exhausted your Maximum Lifetime Benefit, will be subject to a premium increase.
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You may not be impacted by the current premium increase; however, this does not mean your premiums are guaranteed. Your premium will not change because you get older or your health changes, or for any other reason related solely to you. Premiums may only change if you are among a group of enrollees whose premium is determined to be inadequate and OPM approves the change.”
The amount of the premium increase will vary based on the enrollee’s group. Each group is determined based on a combination of:
– benefit options (such as the Benefit Period and/or inflation protection option)
– issue age (the age when the enrollee applied and were approved for coverage)
– the plan the enrollee is currently in (FLTCIP 1.0, FLTCIP 2.0, or FLTCIP AIP)
Enrollees are encouraged to review their letter and login to www.ltcfeds.com to examine what options are available.
For a FAQ on the 2023 FLTCIP Enrollee Decision Period, go here.
