Federal Employee Long Term Care Insurance Cost Comparisons Offered By AALTCI

March 24, 2011 - PRLog -- The first open enrollment for the Federal Long Term Care Insurance Program begins April 4, 2011.  Those eligible for the program include federal and U.S. Postal Service employees, active members of the military and Coast Guard as well as spouses and same-sex domestic partners of eligible groups.

"The Federal Long Term Care Insurance Program is the nation's largest group plan," explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, a national trade organization.  The program currently has over 200,000 participants.  

During the open enrollment period that ends June 24, applicants will answer fewer health questions in order to be eligible for the program.  "This is a significant benefit for millions of eligible individuals," Slome notes.  In order to make this benefit available to the widest number of potential eligibles, the FLTCIP plan utilizes nine simplified health-underwriting questions that determine participant eligibility.  "These questions basically screen out those applicants who could immediately be eligible for benefits."

Financial planning professionals explain that the simplified health screening is a significant opportunity for those who already have some health issues and who may not health qualify for private LTC insurance.

"Unlike private long-term care insurance, the federal program does not offer discounted rates to those in good health as well as to non-tobacco users," Slome explains.  These generally reduce what one pays for coverage and are locked-in.  "The federal plan also does not offer spousal or partner discounts that can amount to as much as 40 percent in annual savings for each person."

According to a recent study conducted by the trade group, individuals and couples who are in good health can generally obtain significantly more coverage for less money and should compare plans.  

"A couple, even where one individual may have some health issues, can save several hundred dollars a year by taking advantage of the couples or partners discount," Slome acknowledges.  The organization notes that rates and available discounts can vary significantly among leading insurance companies.

To assist individuals eligible for the Federal Long-Term Care Insurance Program, members of the American Association for Long-Term Care Insurance are offering no-cost, no-obligation price comparisons.  For information, visit the organization's website at http://www.aaltci.org/federal.

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The American Association for Long-Term Care Insurance http://www.aaltci.org is a national trade organization.