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The Federal Long Term Care Insurance Plan ( FLTCIP) gives long-term care insurance to help cover expenses of daily living when enrollees require assistance with activities that they perform every day, such as bathing, eating, and dressing. The long-term care insurance plan is an extension of the social security program and helps Americans who are eligible for Social Security benefits but do not qualify for Medicare. Each month that an individual remains in long-term care, he or she will be added to the coverage list, making him or her eligible for Medicare benefits. An important advantage of this type of insurance is that it is comprehensive and does not restrict the insurance carrier when it comes to rates or coverage. This means that all members of the policy are treated equally regardless of health status, limiting the risk to the insurer.
Many seniors are concerned that the cost of long term care services will increase dramatically once they reach retirement age. Some fear that they will not have adequate resources to maintain their standard of living after they leave home. They may also worry about relying on government assistance if there are no long term care services available to them when they become unable to perform everyday tasks due to their conditions. If you are concerned about how insurance coverage will change when you become ill or require long term care services, this article will help you understand the basics of long term care insurance.
In general, the cost of long term care services will depend on your health and age at the time of coverage. There are two primary factors affecting your premium: (a) the extent of your dependence on your own health and (b) the extent of your reliance on the care provided by licensed professionals in your particular jurisdiction. Depending on these two factors, the cost of your premiums will vary among different long term care plans offered by different insurance carriers. Most federal family health plans include a guarantee that the costs of family health care will not be negatively impacted by the plan holders who become ill. This is a good assurance to policyholders, but it must be understood that the costs of caring for family members should not be expected to be funded through federal family plan programs.
Most long term insurance programs include specific coverage for in-home care, nursing home care, and assistance for the ability of family members to care for them. The extent of coverage will be based on the specific features of your policy. Some policies provide coverage for all three types of services; others may provide coverage only for in-home care and/or nursing home care. Be sure to compare long term insurance quotes with your current health plan so that you can be certain that you are making the right choice.
The open season for enrollment in most long term insurance programs begins in January of each year and runs until the following April. Each state has a different opening period, typically from February to May. Be sure to check your state's regulations to ensure that your application can be filed and processed before this date. If you move during the open season, it is possible that you will not be able to participate if your state requires that eligible employees be covered while they are moving.
In addition to the aforementioned benefits, long term care insurance coverage is also available to qualified relatives. Qualified relatives are those who are related to the policyholder (spouse, child, parent, grandparent). The cost of this type of insurance coverage is dependent upon the individual insurance provider. There are some providers who offer the service for free to qualifying relatives; other providers have a low or zero cost to the policyholder. To find out more about these benefits and eligibility requirements, contact your state's department of insurance. Your local social security office can also provide valuable information about qualifying relatives and the application process.
Many seniors are concerned that the cost of long term care services will increase dramatically once they reach retirement age. Some fear that they will not have adequate resources to maintain their standard of living after they leave home. They may also worry about relying on government assistance if there are no long term care services available to them when they become unable to perform everyday tasks due to their conditions. If you are concerned about how insurance coverage will change when you become ill or require long term care services, this article will help you understand the basics of long term care insurance.
In general, the cost of long term care services will depend on your health and age at the time of coverage. There are two primary factors affecting your premium: (a) the extent of your dependence on your own health and (b) the extent of your reliance on the care provided by licensed professionals in your particular jurisdiction. Depending on these two factors, the cost of your premiums will vary among different long term care plans offered by different insurance carriers. Most federal family health plans include a guarantee that the costs of family health care will not be negatively impacted by the plan holders who become ill. This is a good assurance to policyholders, but it must be understood that the costs of caring for family members should not be expected to be funded through federal family plan programs.
Most long term insurance programs include specific coverage for in-home care, nursing home care, and assistance for the ability of family members to care for them. The extent of coverage will be based on the specific features of your policy. Some policies provide coverage for all three types of services; others may provide coverage only for in-home care and/or nursing home care. Be sure to compare long term insurance quotes with your current health plan so that you can be certain that you are making the right choice.
The open season for enrollment in most long term insurance programs begins in January of each year and runs until the following April. Each state has a different opening period, typically from February to May. Be sure to check your state's regulations to ensure that your application can be filed and processed before this date. If you move during the open season, it is possible that you will not be able to participate if your state requires that eligible employees be covered while they are moving.
In addition to the aforementioned benefits, long term care insurance coverage is also available to qualified relatives. Qualified relatives are those who are related to the policyholder (spouse, child, parent, grandparent). The cost of this type of insurance coverage is dependent upon the individual insurance provider. There are some providers who offer the service for free to qualifying relatives; other providers have a low or zero cost to the policyholder. To find out more about these benefits and eligibility requirements, contact your state's department of insurance. Your local social security office can also provide valuable information about qualifying relatives and the application process.
