Federal Long Term
Care Insurance Program:
Common Questions
The Federal long term care insurance program can be rather confusing. As with anything from the government there are plenty of rules, exceptions and complicated processes involved with this insurance program.
To get the most from the program you have to understand it. You have to get the answers to the important questions that you have. Here are some basic facts to help you get the most out of this program.
As an employee of the federal government you will probably hear about the federal long term care insurance program, but the details may seem sketchy. It a program designed to give long term care insurance to federal employees, which is run by Long Term Care Partners.
Getting Started
Getting started with the federal long term insurance program involves filing an application and meeting health requirements. All insurability decisions are made by Long Term Care Partners. If not approved you may ask that Long Term Care Partners reconsider your application. Instructions on how to ask for reconsideration will be included with the denial of coverage letter.
The health requirements that you are required to pass are in two levels. There is full underwriting and abbreviated underwriting.
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Underwriting is the review of medical and health records to determine the risk level of an individual for health insurance coverage.
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With full underwriting a person is required to answer more questions and may have a review of their records and an interview with a nurse. Full underwriting is available to people not eligible for abbreviated underwriting.
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Abbreviated underwriting involves about seven questions and may involve approval for access to medical records.
In order to be approved for the federal long term insurance program a person must pass the underwriting requirements. Things like a pre-existing condition or a disability could make a person ineligible for the program.
Benefits of the Program
There are some standard benefits offered under this program, as well as some optional coverages. The general coverage includes nursing home care, assisted living facility care, home care, adult day care, hospice care, respite services and bed reservations. Some of the options you may have regarding coverage include the choice between facilities only or comprehensive care, the daily benefit amount, weekly benefit amount, benefit period, waiting period and inflation protection. There are also four pre-packaged plans.
The facilities only plan and the comprehensive plan differ in that with the facilities only plan only facility based care is covered and with the comprehensive plan all types of care are covered.
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The daily benefit amount ranges from $50 to $300 and goes up in increments of $25.
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The weekly benefits are available only with the comprehensive plan.
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The benefit period can be 3 years, 5 years or for an unlimited term.
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The waiting period, which is the amount of time once enrolled before actual coverage begins, can be 30 or 90 days.
Why Choose Coverage
Many people simply do not understand why they should get coverage. However, when the need arises for coverage it becomes very clear. Anyone can end up in need for long term care coverage at any age. It is not something that is limited to the elderly. Having a plan is the best option because many plans are terribly expensive and the process of underwriting can be quite difficult when care is needed at the time of applying.
The bottom line is that if you find yourself in a position where you need long term care, you and your family are going to under a lot of stress physically, emotionally and financially. Having this insurance in place can eliminate the financial stress and alleviate some of the emotional stress.
This covers the basics of the federal long term care insurance program. If you have additional questions about more specific matters you can discuss that at the time you turn in your application. The benefits offered through the Federal long term care insurance for eligible participants can provide peace of mind and security for both your and the people you love.
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