LOS ANGELES, Aug. 17, 2016 /PRNewswire-USNewswire/ -- Many of the 274,000 Federal employees who participate in theFederal long-term care insurance program are facing rate increases of up to 126 percent. Plan participants have until September 30 to make important choices and leading national experts recommend investigating alternative
"Rates for long-term care insurance protection purchased by federal and Postal Service employees as well as active and retired members of the military and qualified families are increasing," shares Jesse Slome, director of the American Association for Long-Term Care Insurance. "Options are available to help reduce the impact of the premium increase but one shouldn't wait until the last minute to explore alternatives. If you are switching, make sure you've been approved before dropping any existing coverage."
For some individuals considering a private market option can avoid the increase that takes effect November 1. "There are long-term care insurance planning options available today offering excellent coverage, some with no risk of future rate increases," explains George Mellendorf, president of LTC Solutions, a national marketer of both traditional and linked-benefit long-term care insurance solutions. "A knowledgeable specialist with expertise in both solutions and one who represents multiple insurance companies can help you get the best coverage for the most competitive cost."
"Americans are living into their 80s, 90s and many to age 100," Mellendorf adds. "When you live a long life, the risk of needing long-term care services becomes very real and potentially very costly. There are more options available than in prior years and we are helping Federal employees and their families get the coverage they want without having to pay the additional premium cost."
The Office of Personnel Management indicated that longer life expectancies, higher than anticipated claims and the lower rate of return on the trust fund's investments accounted for the need to raise premiums. Despite the increase in premiums, enrollment in the program continues to grow, up from 225,000 participants in 2011. Not all enrollees in the Federal long-term care insurance plan will face rate increases.
To learn more about long-term care insurance costs comparing both traditional as well as linked-benefit policies contact the American Association for Long-Term Care Insurance to be connected with a knowledgeable professional for your area. Call 818-597-3227 or visit the organization's website www.aaltci.org.
RELATED LINKS http://www.medicaresupp.org http://www.shorttermcareinsurance.org
CONTACT: Jesse Slome, 818-5973227, [email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/alternatives-to-federal-long-term-care-insurance-policy-rate-increases-worth-considering-report-experts-300314307.html
SOURCE American Association for Long-Term Care Insurance
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