The Federal Long Term Care Insurance Program (FLTCIP) has been around since 2002, yet most servicemembers don’t know that it is a long term care (LTC) option for them to purchase.
Someone turning 65 today has an almost 70% chance of needing some type of LTC and support in their remaining years. Women typically will need care for 3.7 years, while men may need it for 2.2 years. The difference is based on the fact that women tend to live longer than men. Moreover, statistics are showing us that as humans live longer on average the more likely they are to eventually need LTC.
The rising costs of long term care are another factor to consider when planning how you’ll handle your finances and your health in the future. Just like having a retirement account, 401(k), or IRA, it’s important to budget now and plan for LTC costs before you need them.
The FLTCIP program can be a great option for those who have retired from active duty or are Federal Employees. You can check your eligibility for the program online.
Having a financial plan for all stages of life is a must, including a life insurance policy that can do double duty for your future finances. Every AAFMAA Whole Life Policy includes a Long Term Care Settlement Option (LTCSO) at no additional cost. Our LTCSO gives the AAFMAA policy owner the option of converting the death benefit on an eligible insured life — normally payable only upon the death of the insured — into regular periodic payments prior to death, specifically to defray the cost of nursing home, custodial or home healthcare for the insured. For more information, visit our LTCSO page.
If you are wondering what your LTC plan needs to include, call an AAFMAA Membership Coordinator at 877-398-2263 today. They’ll be happy to help you plan for a more secure future.
This article was originally published August 15, 2016.