Planning for women is more important than ever, as they live longer than men. long-term careIn their pre-retirement years, it becomes even more important for them. Although longevity does have its benefits — such as more time to travel and enjoy family life — the biggest downside is that it can lead to increased health risks that can make it difficult for people to take care of themselves.
Today, 7 out 10 residents of nursing homes are women.
According to the latest statistics, they make up 76% of assisted living residents and 2/3 of all home-care beneficiaries.
But that care isn’t always what many would consider. “affordable”Unless you are lucky enough to be able to enroll in the Federal Long Term Care Insurance Program, FLTCIP.
“Like other forms of health care, long-term care is expensive, and costs continually increase,”Paul Forte is the CEO of Long Term Care Partners. He administers FLTCIP. This program was created to assist federal employees who are currently retired and help them save money and preserve their retirement income. It also helps them maintain their independence and avoid relying on their children.
What will you pay for care?
According to the John Hancock Cost of Care Study, the national average cost of a licensed personal care assistant is $20 an hour. Private and semiprivate nursing homes rooms are $235 and $207 per day, respectively.
These costs are not generally covered by health plans like Medicare, TRICARE for Life or the regular Federal Employees Health Benefits Program. Forte also notes that Medicaid is not covered by most health plans. “it covers long-term care only for those with very low income and assets, so the responsibility for paying may fall on you.”
Let’s say you are a woman eligible for FLTCIP but have not yet applied. These are the four questions you should ask yourself:
* Considering your health and family history, might you live a long life with health conditions that could hinder caring for yourself?
* Do you live alone?
* If you don’t live alone, how might tending to you disrupt the professional and personal lives of others, and do you wish to be dependent on them?
* If you do live alone, will you have the resources not just to pay for care, but to also maintain a comfortable lifestyle?
FLTCIP: The Benefits
In 2000, Congress established the program and it is managed by the U.S. Office of Personnel Management. The program is designed to address the lifestyle and budgetary needs of the so-called “Americans with Disabilities.” “the federal family.”The cost of enrolling is not expensive, as is so often the case for federal employees.
How affordable?
You have a choice between four prepackaged plans which combine the most popular features of program, and you can also choose to customize plans.
Let’s say that you are a 45-year old woman and decide to purchase FLTCIP’s most popular prepackaged plans (Plan B) with the inflation rider at 4 percent. For protection that could save you thousands in future care costs, you’d pay a $33.90 biweekly premium. This is less than $68 per monthly or slightly more than $2 per day.
The website is user-friendly and allows you to calculate the premium rate according to your age, choice of plans, and other factors.www.LTCFEDS.com/rateView past and present informational webinars.www.LTCFEDS.com/webinar. Call 1-800-582-3337 to speak with a consultant or call 1-800-843-3557 for assistance.
FLTCIP is not available to everyone. Some medical conditions or combinations of conditions may prevent certain people from receiving coverage. While premiums are expected to be sufficient, they are not guaranteed. OPM must approve a premium increase while the group policy is in place.
