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LTC Bullet: Feds Anxious for LTC Insurance

Tuesday November 10, 1998


The Washington Post recently reported that federal employees are anxious for Congress to move ahead with plans to offer group LTC insurance for active and retired federal workers.

While Republicans and Democrats argue over how to structure the program, future insureds are missing an opportunity to take advantage of lower rates for the age-rated insurance.

The role of private insurance companies and the extent of mandated benefits are at the heart of the debate. Meanwhile, author Mike Causey contends that the following facts are solid:

"Many feds want LTC."

"Many more need it. Anybody at any age can be sidelined for a long time by accident or injury and need cash to pay bills."

"LTC premiums aren't cheap. They go up the older individuals are when they sign up. The younger you are at sign-up time, the lower your premiums for life."

Causey concludes his colorful analysis of the issue by exhorting his readers to purchase coverage:

"But guess what? I've got mine. My LTC policy, that is. Through my company. I pay the full premium, but it is relatively low because I was younger when it was first offered and I signed up."

"For me, LTC became available just as I was entering that wonderful insurance comfort zone: I was considered too old (or smart) to be skate-boarding down Wisconsin Avenue during rush hour, and too young to be a candidate for a massive stroke. Getting LTC coverage early meant top benefits at a minimum, steady, monthly premium."

"So I've got mine. What's keeping you?"

Source: Mike Causey, "Feds Pay for Delay on Long-Term Care," The Washington Post, November 8, 1998; Page B02