The Federal Long Term Care Insurance Program Online Application Instructions
You can use this premium calculator to calculate premiums for one or more of the FLTCIP's prepackaged plans. Or, you can customize your own plan and pick the options that best suit your needs.
To use the calculator:
- Choose one of the four prepackaged plans or choose to customize your own plan within the table by clicking the appropriate circle next to the name of that plan. Your choices are "Plan A," "Plan B," "Plan C," "Plan D," or "Customize Your Plan."
- If you choose "Customize Your Plan":
- Select your daily benefit amount (DBA). This is the maximum amount your insurance will pay in any single day. The FLTCIP offers eight DBAs from $100 to $450 in $50 increments.
- Select your benefit period. This is the length of time benefits will be paid if you receive benefits each and every day equal to your DBA. You can choose from a two-year, three-year, five-year or unlimited benefit period.
- The waiting period under the FLTCIP is 90 days. The waiting period is the number of calendar days during which you must be eligible for benefits before we will pay benefits. It is sometimes referred to as an elimination period or a deductible.
- Select your inflation protection. You can choose between two automatic compound inflation options that will increase by either 4% or 5% (depending on the percentage you choose when you apply) compounded every year. Your premium does not increase annually as a result of this annual increase in benefits. However, premiums are not guaranteed.*
Or, you can choose the future purchase option. With this option, you are given the opportunity to increase your DBA and maximum lifetime benefit every two years with a corresponding increase in your premium. Premiums are not guaranteed.*
* Premiums are set with the expectation that they will be sufficient, but they are not guaranteed. Premiums can increase only if you are among a group of enrollees whose premium is determined to be inadequate and both the U.S. Office of Personnel Management and the insurer agree to the rate change.
- Choose how to view your premiums. You can view premiums either monthly or biweekly.
- Click the "Continue" button.
Instructions for rate calculator results
This results page displays the cost of the plan and options you selected in the dark blue highlighted column of the table. The very left column shows the possible plan options. The next four columns (labeled "Plan 1 is Selected" through "My Plan: Option 4"), allow you to select options and see the costs for up to four plans.
To calculate and compare additional rate quotes:
- Click on the "My Plan: Option" button at the top of the next empty column. This column is now highlighted in dark blue.
- Make any changes you would like to the plan options in the far left column.
- Click the "Calculate" button that appears in the dark blue highlighted column. Your new selections will appear in the dark blue highlighted column, with the premium payment and maximum lifetime benefit amount appearing at the bottom.