Retirement: What's Your Plan?
The Benefits of Long Term Care Insurance Are Invaluable
Ensure Mom Has the Care She Needs
After a full and open competitive bidding process, the U.S. Office of Personnel Management (OPM) awarded a new, seven-year contract to John Hancock Life & Health Insurance Company, the prior carrier and single bidder, to continue to provide insurance coverage for the Federal Long Term Care Insurance Program (FLTCIP). John Hancock 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. The new premium rates are those established as a result of this competitive process. Long Term Care Partners, LLC, will continue to administer the FLTCIP.
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.
In July 2016, Long Term Care Partners will send the 2016 Enrollee Decision Period offer package to FLTCIP enrollees impacted by the premium increase. The offer package will explain the reasons behind the increase, how the increase affects their current benefits, and what action enrollees need to take. Enrollees may also visit www.LTCFEDS.com/MyAccount to review their personalized options online.
We developed the following 2016 Enrollee Decision Period resources for agency benefits officers, Human Resource (HR) professionals, and similar personnel who work with employees, retirees, and affinity group members to help enrollees understand their coverage and the options available to them.
OPM benefits administration letter (BAL)
More information about the 2016 Enrollee Decision Period may be found in OPM's recent BAL, which provides full details for agency benefits officers and HR personnel during the 2016 Enrollee Decision Period.
Fact sheet for agency benefits officers
This two-page fact sheet highlights essential details for agency benefits officers, shared service centers, and any HR staff who may field benefits questions from employees or retirees.
Navigating the 2016 Enrollee Decision Period webinar
This informational training webinar reviews 2016 Enrollee Decision Period details and provides a tutorial on the various options that are available to FLTCIP enrollees during this time.
Read our latest educational articles, which demonstrate the value of long term care insurance and the Federal Long Term Care Insurance Program. You can post these articles in newsletters or to your agency intranet site.
2016 Enrollee Decision Period questions and answers
This collection of questions and answers pertains to specifics about the 2016 Enrollee Decision Period.
Online accounts for current enrollees
Enrollees who are impacted by the premium increase and want to make their selection online should register for an online account if they don't already have one. During the decision period, important information to help enrollees make an informed decision is also available within their online accounts. Each My LTCFEDS account will include a downloadable version of the informational brochure that was sent in the offer package, questions and answers about the premium increase and its impact on the enrollee's inflation protection option, a link to an on-demand webinar about navigating the changes to their coverage, and an instructional video.
Contact your account manager
Please contact your FLTCIP account manager if you have any questions about the 2016 Enrollee Decision Period.