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House Panel Reviews Spike in Federal Long-Term Care Insurance
A House subcommittee last week held a hearing on the federal long-term care insurance program, which recently came under fire for significantly higher premiums for federal workers.
The hearing examined premium increases for enrollees of the Federal Long-Term Care Insurance Program and reviewed steps that are being taken to mitigate future increases. The lawmakers held the hearing to help them better understand the challenges the long-term care industry faces in providing “quality services at affordable premium rates,” according to a statement on the website of the House Oversight Subcommittee on Government Operations.
The takeaways from the hearing included: the increases are here to stay, officials responsible for miscalculating cost estimates admit they made mistakes and there are “few ideas for fixing what has become an industry-wide problem with long-term care insurance,” reports Government Executive.
The Office of Personnel Management earlier this year announced large premium increases for most of the FLTCIP’s 274,000 enrollees, with an average increase amount of $111 or 83 percent. According to media reports, more than 96 percent of the program enrollees kept some form of coverage while less than 4 percent abandoned the program completely.
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