John Hancock Life & Health Insurance Company, OPM’s provider for the Federal Long Term Care Program, said “a confluence of factors” led to the sudden and drastic increases in premiums for 2017.
Most Federal Long Term Care Program policyholders chose to accept higher premiums or took advantage of special benefit reduction options during this summer’s enrollee decision period. Premiums rose for about 264,000 active and retired federal employees by as much as 126 percent.
Federal workers have until Sept. 30 to make one of the most important financial decisions of their lives. Senior Correspondent Mike Causey explains the long-term care insurance dilemma.
The Office of Personnel Management says long-term care insurance members will see premiums rise by as much as 126 percent. Participants can start looking at their package options July 18.