<p>Does anyone know anything about the Federal Long Term Care Insurance Program (FLTCIP)? I’ve started to look into LTC insurance (I’m 54) and it’s a bit overwhelming. FLTCIP is through John Hancock–would it be cheaper than getting the same coverage directly from John Hancock?</p>
<p>Nobody has FLTCIP? If any of you were eligible for FLTCIP but bought from another company instead, what was the reason?</p>
<p>We have it through the feds, and I can’t imagine it’s cheaper anywhere else. Got it when they first established it, so I was able to get a decent level of coverage without lots of medical questions. I didn’t want to go through underwriting for the highest level of coverage. Since this was offered right after I was diagnosed with leukemia, this was an important consideration.</p>
<p>I am also looking at this. The last couple years I did a little research during our open enrollment and “conventional wisdom” seemed to indicate that we could hold off a few years. (I’m 53.) Since then my mother has been diagnosed with Lewy Body Dementia and I am learning about the increasing likelihood of needing LTC as people live longer. Also, I do not want my children to go through what my sister and I are having to deal with. Any wisdom others can share will be greatly appreciated.</p>
<p>I did some research as it was being STRONGLY encouraged at H’s federal workplace when they were rolling it out. Our family has a history of EXTREMELY long lifespans. We determined that we’d be paying premiums for decades but it would not pay us until & unless we met the specified criteria in the policy. We met with insurer’s rep & clarified that indeed we would NOT qualify for ANY benefits until we couldn’t perform the specified activities of daily living.</p>
<p>It can be useful if the person gets dementia or stroke or paralysis but otherwise many people, including folks with cancer and other chronic diseases can often perform activities of daily living until they die. There have been other LTC threads here that you can peruse. You have to determine your assets & obligations & figure out what works for you & your family to decide if the cost is worth it. For us, we had college tuitions and other bills and the immediate costs outweighed the benefits to us.</p>
<p>I have the federal plan. But being long-lived doesn’t really make a difference since your premium is based on how long you want to be able to tap the insurance if you require long term care (ie, 3 years, 4 years, five years).</p>
<p>I finally made the decision to purchase because my son is an only child, I am divorced, and I really have no other family to depend on if something happens.</p>
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<p>True, and anyone considering LTCI needs to understand that benefits are not paid based on illness; they’re paid based on ability to function. Someone may be very very sick, and still not qualify for the benefit. </p>
<p>OTOH, someone who is in overall good health for their age may need help with specific things. My mom is bright, healthy, and active, but because of hip replacement, she can’t bend over and put on her socks; that qualifies as needing assistance with dressing.</p>
<p>Insurance of any kind is always a cr*pshoot. You weigh the known present cost against the possible unknown future benefit. LTCI is tougher than most, because the premium is fairly hefty and the benefit is usually decades in the future but potentially huge.</p>
<p>Yes, PLEASE read the policies carefully and understand what you’re buying. For many policies, you need to have help with THREE (some policies FOUR) activities of daily living. For the policies I reviewed, these included: dressing, bathing, eating, transferring from bed to chair, and two others I can’t recall off-hand. </p>
<p>I have a chronic condition which is likely progressive. Folks who die from this condition generally can still do those activities of daily living until they die–slower and perhaps sometimes with some pain/discomfort, and perhaps breathlessly, but would NOT qualify for benefits.</p>
<p>If you are long-lived and likely to need help sooner, e.g. shopping and preparing meals, it might be good to consider whether you want to save your money so you can hire someone when YOU want them instead of being at the mercy of when the policy kicks in and have them help you. Decades of premiums add up. As was stated, policies can have a cap on how long they will pay out–READ YOUR TERMS CAREFULLY and be sure you understand what they say (not just what the nice salesperson says because they want you to buy but won’t be around when you need to try to claim benefits).</p>
<p>I know so many seniors who need help getting around–shopping, running errands, preparing meals but WOULD NOT qualify for benefits under the policies I’ve seen. KNOW WHAT YOU’RE GETTING AND NOT GETTING so you are an informed consumer.</p>
<p>^^ Wise words, HImom. </p>
<p>The usual ADLs are feeding, dressing, bathing, transfer, toileting, and continence, but there’s no requirement that any given policy cover all of them. Buyers should confirm that ALL of these are covered. You don’t want to find yourself in a situation where you need assistance with dressing, bathing, and transfer, only to discover that bathing isn’t covered, and there’s no benefit. Then you’re on your own to figure out how to get help with all three.</p>
<p>The policies I read require that you NEED ASSISTANCE with a minimum of three or with some policies four of these activities or you have NO coverage. Needing total assistance with just two (or for some policies three) is NOT enough. The insurer may well fight over when and if the patient qualifies. There can also be restrictions on who can provide the care and where it is provided–whether it can be a loved one, friend, or other vs. having to hire a 3rd party. There can also be different limits as to whether the care is provided in the patient’s home vs. long term care setting or other venue. READ & UNDERSTAND what you’re considering & buying.</p>
<p>We began participating in a longterm care policy through DH’s employer almost 20 years ago. It moves with us when he changes employers, we pleasantly discovered. Because we started relatively young, it is well priced – ~ $500 per year for both of us. If one of us dies before using the policy, it coverts to life insurance. There is also a cash value to the policy now. The coverage is $250K for each of us if we need nursing home or assisted living. It’s probably not fabulous but because we got it so long ago it’s never cost much to maintain.</p>
<p>Wasn’t Obamacare suppose to include long term care but now that’s axed?</p>