This long-term care insurance from the Office of Personnel Management seems to be on hiatus until this December. I'm bouncing around BENEFEDS' website and slogged through the Act but don't see basic information like whether there is an age limit beyond which one can enroll, financial status, etc.
Just wondering. I went to the website to see how to end my parent's monthly premium payouts for vision and dental coverage not being used since there aren't any providers that come to the person's home.
My dad was a federal employee, retired, with beyond excellent FEHIB for him & my mom. He died in the 1980s; mom was the annuitant so she got info on this back when the Act / legislation creating it first came about maybe 2003? or so. She passed on it for a number of reasons. That vibe apparently felt by others as voluntary enrollment #s were way way waaaay less than the rosy $ projections done to get the Act passed by Congress.
And that’s the issue with the FLTCIP…. It is not financially sustainable. Premiums to date are insufficient to support the program over time. They can’t add services or perks to the existing program as the costs paid for current benefits/claims is more than premiums taken in. Just have not been enough Fed retirees who have voluntarily chosen to enroll. It is totally a stand alone using only the premiums paid by the enrolled to pay claims; it gets no Federal financial support. Yeah read that last sentence again. Although Feds do pay Hancock administrative costs. To get it fixed on solid future financial footing is either 1. Fed govt does a huge cash infusion which means passing legislation OR 2. it is changed from voluntary to required, so premiums deducted from all Federal retirees (lol on that) monthly annuity payment which too means passing legislation. I can’t see either happening.
fwiw initially several companies vied to selected to be one of its 5-6 administrators. Then it went to 3 (Hancock, MetLife and another LLC). Now it’s just Hancock.
Be well