The federal employees of the country might be in for a real treat. The long-term care insurance program has premiums for the retired and contemporary servants of the federal government and these premiums are all set to increase come the end of this year; well for most of the enrolled people at least. This was made public by the government this past week; the exact date and the increased amounts are yet to be shared.
FEDERAL EMPLOYEES WILL GET INCREASED PREMIUMS:
OPM or the office of personnel management presented John Hancock Life and Health Insurance Company a rejuvenated 7-year contract and they would now be responsible for administering the Federal Long Term Care Insurance Program. This program will be providing living assistance along with in-home nursing benefits for those people that are unable to fully take care of themselves pertaining to any physical or mental disabilities.
The press secretary for the organization said, “While details about the rates for current enrollees are still being finalized, it is expected that rates will increase as is occurring across the industry. To address the expected increases, OPM is working with John Hancock to ensure that whenever possible, policyholders will be offered different policy options to help mitigate or offset the effects of any increase they may experience. The new rate change will take effect no earlier than Fall 2016. We will have more information about the specifics in the near future,”
The coverage will be applicable to all the retired officials along with the federal employees and some of the family members. Military personnel, military retirees and their family members are also eligible. This makes the total count to be around 274 thousand people. There is an underwriting process that is needed to get enrolled; eligible candidates can apply at any time.
