Any thoughts on Federal Long Term Care Insurance Program (FLTCIP)

[DadBodest2006]

Does anyone have reviews or thoughts on the FLTCIP? I am in my mid 40s and have been thinking about adding LTC coverage in some way. I’m a reservist and would qualify for this plan. I know it is use it or lose it, but I think your estate gets a return of premiums paid.

 

[Allen Trent]

Last I saw it 3 or 4 years ago, I believe John Hancock was the insurance carrier, but that can change periodically. As a group policy, healthy men likely pay more for the FLTCP because the product doesnt have M/F rates nor any discounts for better than average health (preferred/premier rates)

You are at a great age to get quotes from a LTC agent & then compare to what the agency servicing the FLTCP can offer

 

[yankee466]

The fed plan (John Hancock) has gotten a lot more expensive lately....so it is best to look at other carriers as well such as Mutual of Omaha, Thrivent, or National Guardian Life.. Depending on age, sex, marital status, and health....it pays to shop. You can also look into life insuance with LTC riders, as well as hybrid LTC plans, which are basically LTC with return of premium. The Fed plan is like any traditional plan...use it or lose it. Better for females than males in many cases.

Keep in mind too that John Hancok has long since exited the LTC market for new business......but they are likely stuck in this Federal contract, and IMHO losing their shirts on a lot of these older Fed Plan policies....hence the recent rate hikes on new business.

Full medical underwriting applies, so you better not be collecting a big VA Disability check.

 

[Tahoe Ray]

The fed plan (John Hancock) has gotten a lot more expensive lately....so it is best to look at other carriers as well such as Mutual of Omaha, Thrivent, or National Guardian Life.. Depending on age, sex, marital status, and health....it pays to shop. You can also look into life insuance with LTC riders, as well as hybrid LTC plans, which are basically LTC with return of premium. The Fed plan is like any traditional plan...use it or lose it. Better for females than males in many cases.

Keep in mind too that John Hancok has long since exited the LTC market for new business......but they are likely stuck in this Federal contract, and IMHO losing their shirts on a lot of these older Fed Plan policies....hence the recent rate hikes on new business.

Full medical underwriting applies, so you better not be collecting a big VA Disability check.

Agree with everything you said but I quoted one last week and couldn't match the benefits w/ MoO or NGL w/ pricing (this guy was older though...closer to 60). It was a male so not sure that Thrivent would beat it either.

We are weighing hybrid at this point.

 

[DadBodest2006]

Thanks for the advice. I'll look into getting some quotes on my wife as well as an efficient IUL or WL policy with a chronic illness rider as that may be enough. I guess you never know until you need it.

 

[kpbdy99]

Definitely shop around. The Fed program is offered by Hancock, and while it used to be very competitive, price-wise, it's not as much so any longer. You CANNOT get a preferred health discount with the Fed, you cannot do shared care, and you have fewer inflation options. So, find a good, independent agent who can help you compare the other options. Mutual of Omaha and Thrivent both offer excellent products, and National Guardian Life has a great "3rd pool" approach that makes their shared benefit option attractive. But, the NGL product is the least "consumer-friendly" at time of claim. It'll pay, but they use a strict, service day elimination period whereas the other carriers use either calendar days or 1-day per week.

Cash hybrids are also nice - Nationwide & Securian specifically - and give you a lot more flexibility at claim time. And, at your age, a 10-pay would likely be very attractive.

 

[yankee466]

Definitely shop around. The Fed program is offered by Hancock, and while it used to be very competitive, price-wise, it's not as much so any longer. You CANNOT get a preferred health discount with the Fed, you cannot do shared care, and you have fewer inflation options. So, find a good, independent agent who can help you compare the other options. Mutual of Omaha and Thrivent both offer excellent products, and National Guardian Life has a great "3rd pool" approach that makes their shared benefit option attractive. But, the NGL product is the least "consumer-friendly" at time of claim. It'll pay, but they use a strict, service day elimination period whereas the other carriers use either calendar days or 1-day per week.

Cash hybrids are also nice - Nationwide & Securian specifically - and give you a lot more flexibility at claim time. And, at your age, a 10-pay would likely be very attractive.

a 10 pay with NGL might be worth looking at too

 

[ltcadviser]

Best priced policy in country for women, by far. Incredible value for women. Total steal. Still priced well for men.