You’re eyeing retirement, knowing you enjoy one of the most comprehensive retirement packages around. But are you aware of some the other benefits offered to federal workers? Many other programs are less “advertised”, but valuable in their own right. Taking a moment to consider them is worth your time, particularly with regard to your overall plan for retirement.
The Federal Long Term Care Insurance Program (FLTCIP) is one of those benefits. With many retirees requiring long-term nursing care at some point, having a program in place can be an invaluable benefit. If you take a moment to research the cost of long-term care in your area, it’s easy to see what we mean!
Who will make the decisions? One of the scariest things about long-term care, for most people, is the loss of control. FLTCIP puts you in charge of your care, allowing you to choose the care option that you prefer. You can choose from assisted living facilities, traditional nursing homes, in-home care, and even care from family members and friends.
Staying at home is easier. The FLTCIP provides benefits like necessary medical equipment, modifications to your home, training for caregivers, care planning coordination, home safety checks, and an emergency response system for those who opt for in-home care.
Benefits are permanent. Once you have enrolled in the program, and for as long as you pay the premiums, FLTCIP benefits cannot be canceled due to age or a change in health. You can stay in the program even if you leave government employment at some point.
No premiums while collecting benefits. When you do need to claim your long-term care benefits, you won’t owe premiums during that time (after passing an initial waiting period).
The reason we mention this program is because most people over age 65 will need long-term care at some point*. Therefore, planning for the expense is not so much an option, but a necessity. As you continue to plan for retirement, consider your future medical needs and the types of coverage available to you. If you have questions about planning for the retirement, give us a call and we’ll be happy to help.
*www.longtermcare.gov
