Extended Care Insurance for Federal Employees
Extended Care Insurance, sometimes referred to as short-term care insurance (STCI), is designed to provide coverage for a limited duration, typically ranging from a few months to a couple years. It is often used to cover gaps in care or for specific healthcare needs when traditional long-term care insurance may not be suitable or available.
Extended care typically covers services related to assisted living, home care, adult day care, and respite care. These policies may also include coverage for skilled nursing facilities, and memory care. The specific coverage and benefits will depend on the policy you choose and the insurance provider.
Effective 12/19/2022, the U.S Office of Personnel Management (OPM) suspended all new long term care applications through FLTCIP until further notice “to assess benefit offerings and establish sustainable premium rates…”
The FLTCIP suspension will remain in effect for at least 24 months. Based on previous benefit and premium changes, new benefits and/or premiums may change dramatically.
AllFeds is pleased to fill much of this gap with our new Short Term Care plan. In addition to substantially lower rates, this new plan can provide $250,000 or more of care and has far more lenient underwriting. If you’ve been declined for extended care, you may well qualify for this exciting new plan.
The Short-term care insurance is especially beneficial for individuals who are unable to perform certain activities of daily living (ADLs) due to illness, injury, or other health conditions. It can also be useful for those recovering from surgeries or medical procedures.
It’s important to understand that extended or short term care insurance is different from health insurance, as it is focused on providing assistance and support for people with chronic conditions or disabilities, rather than covering medical expenses. Extended Care insurance can be an essential financial planning tool to protect assets and alleviate the financial burden of long-term care costs.
When considering extended care insurance, it’s essential to review the policy terms, coverage limits, waiting periods, and any exclusions or limitations. The cost of Extended Care can vary depending on factors such as the age of the insured, the level of coverage, and the insurance company.
As always, insurance products and regulations may vary by country and state, so it’s crucial to consult with a licensed insurance agent or broker for specific and up-to-date information in your area.
SeniorFeds also offers:
Home Health Care Insurance – $150,000 for home care with relaxed underwriting, lower premiums and most policies issued within 7 days
FegliPLUS – compare your FEGLI Option B with FegliPLUS and save 50-80%. Lock in guaranteed death benefits and premiums for 20 or 30 years….may include lump sum living benefits for critical or chronic illnesses.
FedAdvantage Disability Insurance – 60% of salary up to $180,000 annual benefit…..Guaranteed acceptance