Overseas Interim Federal Health Program Coverage
If you were already chosen to resettle in Canada as a refugee, the Interim Federal Health Program will cover some of your pre-departure medical services. This includes
- immigration medical exams and follow-up treatment of health conditions that would make someone inadmissible to Canada under paragraph 38 of the Immigration and Refugee Protection Act
- medical support needed for safe travel
- certain health measures during a disease outbreak
How Much Could Long
Nursing home care is the most expensive and intensive form of care. In 2014, a private pay patients charge for a stay in a Massachusetts nursing home was approximately $361.77 per day. Although the most recent study estimated that the average length of stay in a nursing home was 272 days, some stays last for many years. At $361.77 per day, the average annual cost of a nursing home stay exceeds $132,000, but it is not unusual for an individual to pay more than $150,000 per year in some nursing homes.
Assisted living is another form of facility-based long-term care. If you lived in a single occupancy assisted living studio apartment, the cost of assisted living, including the cost of rent, food, electricity and heat, and many services such as personal care, housekeeping, meals and laundry, would range from approximately $2,000 per month to more than $7,000 per month, or from $24,000 to $84,000 per year.
There is, however, great variation in services provided in assisted living facilities and prices could vary. The cost of long-term care services provided outside of a nursing home varies depending on the type of service, as well as the intensity and duration of the service.
All the presented figures are subject to inflation. You should note that if long-term care costs were to increase by 5% annually, the overall cost would double in approximately 15 years.
Federal Retirees Vision For Older Adult Care
One of Federal Retirees key advocacy priorities is the implementation of a national seniors strategy. In its vision for a national seniors strategy, Federal Retirees advocates for quality and equitable health-care services for all older Canadians, and for policy, programs and services that allow older adults to age with dignity, in the place of their choosing.
Achieving this vision requires a national pivot from delivering care in institutional settings, like hospitals and long-term care, to providing these services in homes and communities. It will require resource and system shifts to move us toward an expansion of home and community care services, which are less costly, allow Canadians to remain in their homes and communities for as long as possible and generally lead to better health outcomes and quality of life. To ensure quality and equitable care for all older Canadians, national standards for both long-term care and home and community care must be implemented.
What Is The Federal Long
The Federal Long Term Care Insurance Program is a voluntary, premium-based insurance option for employees of the U.S. federal government, including active-duty and retired servicemembers as well as U.S. Postal Service workers, and certain qualified family members. It was created by an act of Congress in 2000 in order to help federal employees better plan for and take control of their long-term care needs. There are nearly 270,000 people enrolled in the program.
Although there are a multitude of different long-term care insurance products available in the health care market, FLTCIP is the only option sponsored by the U.S. government and is intended to serve the needs of federal families, including military families.
Sponsored and regulated by the U.S. Office of Personnel and Management, the program is administered by Long Term Care Partners, LLC, which is affiliated with John Hancock Life & Health Insurance Company the insurer of the program since its inception.
Broadly speaking, the FLTCIP helps pay for long-term care in several different settings and with different caregivers .
While the insurance program helps to cover the cost of care provided by friends and family members, this provision does not include spouses, domestic partners, or anyone living in your household at the time of eligibility.
Who Pays The Costs Of Long
At present, most long-term care is paid for from:
Contrary to popular belief, traditional health insurance and Medicare usually provide little or no coverage for long-term care. Currently, most people who need long-term care services must pay for it on their own unless:
- they have long-term care insurance policies with benefits for the services they need or
- they are or become eligible for Medicaid or other government assistance.
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Best For Easy Benefits Payout: Brighthouse Financial
- No. of Policy Types: 1
- Coverage Limit: $250,000
The company is best for easy benefits payouts because it doesnt require receipts and dependents can receive payouts.
Need to contact agent for plan specifics
Only one plan
Dating back to 1863, originally as part of Travelers Insurance Company, Brighthouse Financial has over two million customers and a A rating from AM Best. The company’s hybrid life insurance and long-term care insurance plan offers customers LTC coverage if needed or dependents can receive a payout. A unique feature of this plan is the option to link it to the market indicesgiving customers the chance to grow LTC benefits, with built-in protection during economic downturns and the option to lock in the value at any time.
Because the plan doesn’t require customers to provide receipts or track expenses, this is a no-hassle option for receiving benefit payments which is why it gets our nod as best for easy benefits payout. Customers can also take a loan against the policy at any time and surrender the policy for its full cash value at any time.
What Va Benefits Cover
Benefits provided for custodial care are awarded through a priority system, with those assigned a higher priority category, such as someone injured through an act of war on active duty, receiving the first available care.
Those assigned lower priority categories may have access to custodial care depending on the availability of resources in their geographic location however, it is not a guaranteed benefit, and individuals may be asked to cover their own expenses.
The VAs Geriatrics and Extended Care program provides services for those who are elderly and have complex needs and veterans of any age who need daily support and assistance.
Veterans can receive care at home, at VA medical centers or in the community. If you are eligible to receive care, this program may pay for the following:
- 24/7 nursing and medical care
- Physical therapy
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Choosing A Health Insurance Plan
Reading the fine print is important when choosing health care plans. These questions may help:
- Can I go to any doctor, hospital, clinic, or pharmacy I choose?
- Are specialists, such as eye doctors and dentists covered?
- Does the plan cover special conditions or treatments such as pregnancy, psychiatric care, and physical therapy?
- Does the plan cover home care or nursing home care?
- Will the plan cover all medications my physician may prescribe?
- What are the deductibles? This is the amount you must pay each year before your insurance company will begin paying claims.
- Are there any co-payments? This is the amount of money you pay each time you receive medical services or a prescription.
- If there is a dispute about a bill or service, how is it handled?
Benefits Of Private Disability Insurance For Federal Employees
Disability benefits through FERS are typically barebones and donât provide the tailored coverage that many people might need. A private disability insurance policy, on the other hand, can be customized with additional benefits such as:
Rehabilitation riders help pay for vocational training after a disability.
Partial or residual coverage gives partial benefits if your hours are cut back or you otherwise canât work to your full potential to receive the same income as you previously did.
Future purchase options allow you to increase your coverage in the future without going through the underwriting process again.
Even though federal employees are eligible for their own benefits and supplemental coverage might be less than you originally assumed, there are still benefits to getting a private policy that shouldnât be ignored.
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Types Of Health Insurance Plans
When purchasing health insurance, your choices typically fall into one of three categories:
- Traditional fee-for-service health insurance plans are usually the most expensive choice. They offer the most flexibility in choosing health care providers.
- Health maintenance organizations offer lower co-payments and cover the costs of more preventive care. Your choice of health care providers is limited to those who are part of the plan.
- Preferred provider organizations offer lower co-payments like HMOs but give you more options when selecting a provider.
Level Of Benefit And Offset Of Other Disability Benefits
Effective September 1, 1979, the level of benefit is 70% of adjusted salary with total offset of other disability benefits paid in respect of thesame disability, such as those payable under the Canada or Quebec Pension Plans, the PSSA, or benefits under the Government Employees Compensation Actor similar provincial or federal legislation.
Benefits to all employees who became disabled prior to September 1, 1979, are subject to annual increases to a maximum of 2%. Benefits to employeeswho became disabled on or after September 1, 1979, are subject to annual increases to a maximum of 3%.
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The Grim News About Nursing Homes Over The Past Year Has Caused Many People To Contemplate Their Own Future Needs
The covid-19 pandemic has shone a spotlight on long-term care in the United States. According to data compiled by The Atlantics Covid Tracking Project, about 8% of people who live in long-term-care facilities in the United States have died of covid-19nearly 1 in 12. For nursing homes alone, the figure is nearly 1 in 10. Thats approximately 175,000 lives lost. Although less than 1% of the population lives in long term care facilities, this group represents 34% of covid deaths.
Since so many people have had the experience recently of losing a loved one in a long term care facility, its understandable that many are wondering what their own future holds. Planning for retirement means planning for risk. During your career and life, youve learned to handle risks of various kinds, so you can certainly manage the risk of one day needing long term care, whether in a nursing home or other facility, or at home.
In 2002, Congress passed the Long Term Care Security Act, to provide a long term care insurance option for eligible federal and Postal Service employees and annuitants, active and retired uniformed service members, and certain qualified relatives. The resulting Federal Long Term Care Insurance Program currently provides coverage for more than 267,000 enrollees.
Disclosure: Tammy Flanagan is under contract with Long Term Care Partners, which administers the FLTCIP, to provide informational presentations on retirement planning issues.
Best For No Waiting Period: Lincoln Financial Group
Lincoln Financial Group
- No. of Policy Types: 4
- Coverage Limit: $500,000
Lincoln Financial Group offers four plans with no waiting periods and it also provides benefits to those living abroad.
Must contact agent for pricing details
Need to wait six years for return of premium
In business since 1905, Lincoln Financial Group has earned an A+ rating from AM Best. The company rises above the competition and is best in our review for no-waiting period plans. These are its MoneyGuard II 2020 and MoneyGuard III policies, both of which offer zero-day elimination periods for accessing coverage for nursing homes and assisted living facilities. Other companies on this list generally require a minimum of 90 days before granting coverage for such services.
With MoneyGuard II 2020, a universal life insurance plan with an optional long-term care benefit rider, premiums are locked in from the start. Customers can get tax-free reimbursements for qualifying LTC costs, and there’s no waiting period.
Some of the key features of the company’s other no-elimination-period plan, MoneyGuard III, include no medical exams or lab tests required for underwriting, a couple’s discount, choice of a range of inflation protection options, and a death benefit ranging from $50,000 to $500,000. The company’s terminal illness rider allows for a one-time claim of 25% to 75% of the death benefit up to $250,000 in the event of a terminally life-threatening condition.
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Best For Discounts: Mutual Of Omaha
- No. of Policy Types: 1
- Coverage Limit: Varies
With three types of discounts offered , Mutual of Omaha is our top pick for those looking for discounts on their long-term care policy.
Only one long-term care plan
Founded in 1909 and with an AM Best rating of A+ , Mutual of Omaha offers one long-term care base plan. It has built-in features that can be customized as needed. As part of the standard plan, customers can get:
- Cash benefits instead of being reimbursed for actual costs
- Access to a care coordinator who can assess your needs, develop an individual care plan, and arrange services as needed
- Waiver of premium, which means customers don’t have to pay for their monthly premiums while receiving LTC
- Coverage for alternative care that may not yet exist
Additional benefits are available for an extra cost, such as inflation protection, shared care , and a return of premium for any benefits not used.
A married 60-year-old female can expect to pay between $160 and $319 per month for $2,100 to $4,100 in monthly benefit amounts, while a married 70-year-old female can expect to pay between about $249 and $497 for the same coverage amounts. A married 75-year-old female can expect to pay between about $363 and $726 monthly.
Why Is Health Insurance Important
Almost 2/3rds of bankruptcies in the United States were caused by medical bills. Health insurance is not just insuring your health it insures your wealth. Even after the passage of the Affordable Care Act, most people in the US receive their health care through their employer. Insurance can be difficult to obtain if you retire before youre eligible before Medicare. The ability to have access to any sort of coverage between retirement and Medicare is a huge benefit. Not just for federal employees, but also their spouses, and family members.
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Transforming Older Adult Care
Transforming older adult care requires a different approach, with an emphasis on providing care at home and in the community so that Canadians can age in place. It also involves implementing national standards for long-term care, home care and other older adult care, to ensure a baseline level of quality care for older Canadians, regardless of where they live.
Governments and likely the federal government will need to enact laws that support this new direction. The Canada Health Act, which outlines Canadas health-care framework, establishes criteria, conditions and funding related to insured health services. However, it focuses on hospitals and physicians, the services most Canadians needed when the legislation was drafted. Canadas aging population means the needs of Canadians have changed, and our health-care framework must keep pace.
Fehb And Medicare Parts A & B
You can enroll in Medicare part A when youre 65. Youre expected to enroll in Medicare Part B when you turn 65 if you are retired. If you do not enroll at age 65, you will be penalized if you try to enroll later. You should know that while you can continue your FEHB benefits for life, your FEHB insurance company expects you to enroll in Medicare Part B. Therefore, if you dont enroll in Medicare Part B at age 65 because you participate in the FEHB, you may find an unpleasant surprise in the form of the coverage gap when you visit a doctor.
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Earnings From Rehabilitation Programs
While in receipt of benefits, an employee may engage in a Rehabilitation Program, which means a program of vocational training or a period of workfor the purpose of rehabilitation, either of which is approved in writing by the Insurer. Depending on the circumstances, the employee may be able toengage in such a program for up to 24 months without losing his/her qualification for benefits. Monthly benefits will not be reduced by any earningsreceived from the program, with one exception. The employee’s total income while working together with any benefits received under this Plan, must notexceed 100 per cent of the current salary for the occupation of the employee or the position held by the employee immediately prior to the date he orshe became totally disabled. Please note that benefits would be offset by 100 per cent of any earnings from employment not approved by the Insurer asrehabilitative.
The Insurer may pay the expenses incurred by an employee, other than usual employment expenses, which are associated with an approvedrehabilitation program, provided the expenses have been approved, in writing, by the Insurer prior to being incurred.
Best For Flexible Options: Pacific Life
- No. of Policy Types: 4
- Coverage Limit: $250,000+
Pacific Lifes plans offer protection from a range of potential possibilities, giving you flexibility in your coverage, and they also offer refund options if the care isnt needed.
Multiple plans to choose from
Only one plan in California
Some plans have waiting periods
Offering a unique universal life insurance policy with long-term care benefits, Pacific Life has been doing this since 1868 and enjoys an A+ rating from AM Best.
For those living in California, Pacific Life offers one plan, its Pacific PremierCare Advantage policy, with three flexible options:
- Coverage in the event that long-term care is needed
- Death benefits to loved ones
- Money-back refund
Individuals living in other states will have access to three additional plans:
- Pacific PremierCare Choice 100
- Pacific PremierCare Choice Max
- Pacific PremierCare Choice Multi-Pay Max
Customers can expect to find a range of flexible options above and beyond the competition, helping make Pacific Life our choice as best for flexible options. In addition to choosing your plan’s premium amount, you’ll be able to pick from a broader range of benefit period lengths compared to other providers and inflation choices .
The company’s terminal illness benefit means customers can access $250,000 or 75% of the policy’s amount if diagnosed with 12 months or fewer to live.
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