Long-term care insurance program kicks off

Federal employees, military personnel, retirees and many family members will be able to sign up for government-sponsored long-term care insurance during an open season that starts Monday and runs through Dec. 31. Through the insurance program, about 9 million federal employees, military personnel, retirees and their family members can get coverage for nursing home stays and other types of day-to-day care for chronic illnesses or disabilities. They will pay premiums ranging from $50 a year for workers under 30 to $6,893 a year for 99-year-olds. Questionnaires about pre-existing medical conditions, such as multiple sclerosis, will likely keep many people from joining the program. The Office of Personnel Management is running the program, which Congress authorized two years ago. OPM chose Long-Term Care Partners, a joint venture of the Metropolitan Life and John Hancock insurance companies, as the contractor for the program. The program faces competition from outside long-term care insurance companies, whose sales people say they can offer rates and benefits that are comparable to, or better than, those of the federal program. But Paul Forte, CEO of Long-Term Care Partners, said in March that the premiums available through the federal program are an average of 15 to 20 percent less costly than premiums available to individuals on the open market. Information about the federal long-term care program is at www.ltcfeds.com.