FLTCIP
When is a good time to purchase long-term care insurance (LTC)? In terms of cost, prior to age 50 is advisable. Generally after age 50, the cost can be rather steep. However, letter carriers and retired carriers from the United States Postal Service may apply for FLTCIP (Federal Long-Term Care) at any time. Letter carriers and retired carriers are not obligated to wait for Open Season to apply for coverage.
Individuals applying for LTC have to undergo what is referred to as full underwriting. Full underwriting means that a series of health and medically-related questions must be answered. You might even be asked to sign a release to review your medical records and/or medical history.
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If you have not purchased LTC insurance by age 50 and you are still employed as a federal or postal worker, you might want to look at LTC policies on the open market before you make a decision. Always do your research to make sure you are getting the best value for your money.
FLTCIP (Federal Long-Term Care) is quite different from your FEHB whose cost is unrivaled. Because your group is so large, the prices offered to the federal and postal workforce for FEHB coverage are absolutely the best. For LTC being over 50 is the determinant and not the size of your group.
It’s your retirement future, take care of it.
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