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The Office of Personnel Management (OPM) announced last week it will be suspending applications for coverage under in the Federal Long-Term Care Insurance Program (FLTCIP).
During the suspension period, no applications for FLTCIP coverage will be accepted, and current enrollees may not apply to increase their coverage,” OPM wrote in a posting in the Federal Register on Nov. 18.
“Eligible individuals who submit an application for FLTCIP to the program administrator, Long Term Care Partners, LLC, prior to the date that the suspension period begins, will have their application considered,” OPM said. “If the Carrier approves the application for coverage, the individual will receive a benefit booklet and schedule of benefits with complete coverage information.”
Current enrollees’ coverage status will not change as long as they continue to pay premium. For those in a claim status, there is no change to coverage or the claims reimbursement process as long as benefits have not been exhausted.
The suspension period will begin on December 19, 2022 and will remain in effect for 24 months, OPM said.
It is reported that the program was halted when John Hancock Life & Health Insurance Company, the carrier that operates the program, issued a warning to OPM that current premiums are unsustainable and it likely would have to request significant rate increases.
OPM is suspending applications for coverage in FLTCIP to allow OPM and the carrier to “assess the benefit offerings and establish sustainable premium rates that reasonably and equitably reflect the cost of the benefits provided, as required under 5 U.S.C. 9003(b)(2).”
For more information, call 1-800-LTC-FEDS (1-800-582-3337) (TTY: 1-800-843-3557) or visit https://www.ltcfeds.com/support/suspension-notice