Magazine article Army Reserve Magazine

Federal Long-Term Care Insurance Program Is Worth Looking At

Magazine article Army Reserve Magazine

Federal Long-Term Care Insurance Program Is Worth Looking At

Article excerpt

Many people commonly think that only senior citizens need to worry about long-term care, so preparing for that possibility is put off. Untimely accidents or illnesses striking at any age are a fact of life, believes Paul Forte, chief executive officer of Long Term Care Partners.

"Some 40 percent of all people who need long-term care insurance are under the age of 65," said Forte.

Forte has been involved in the long-term care industry since 1987 and is regarded as one of the industry's pioneers.

The U.S. Office of Personnel Management sponsors a high-quality long-term care insurance program for members of the federal family. The Federal Long-Term Care Insurance Program (FLTCIP) is the largest group long-term care insurance program in the country. Created in 2000 by federal law (Public Law 106-265, the Long-Term Care Security Act), it is the only long-term care insurance program sponsored by the federal government.

A study conducted by the General Accounting Office in 2001 shows that 40 percent of the people who need long-term care are adults between the ages of 18 and 64. Many people experience a need for long-term care but few have the financial assets to cover the costs. As a result, families who must pay for long-term care out of pocket can be financially decimated. Forte said, "And it was for this reason that the Congress of the United States passed the legislation which created this program. They recognized this and they wanted to help members of the federal family to protect themselves against the risk of impoverishment from long-term care expenses. Everyone, even younger people, ought to give thought to this."

Long-term care can be covered completely, or in part, by long-term care insurance. Most plans let you choose the amount of coverage you want, as well as how and where you want to use your benefits. A comprehensive plan includes benefits for all levels of care, from custodial to skilled medical care.

Long-term care insurance covers services that individuals need because they are unable to care for themselves due to chronic mental or physical conditions. The program offers a flexible benefits package covering a variety of services such as nursing home care, home health care, assisted living facilities and adult day care. …

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