As if it’s not hard enough to take care of your finances while holding your health insurance together, if you ar
e a part of the federal long-term plan, you WILL have to pay more. The new 7-year deal that was just signed with John Hancock Life and Health Insurance Co. leaves patients paying a whopping 5 to 25 percent more than they were previously paying.
There are currently 224,000 federal civilian employees and retirees, military service members and retirees, and qualified relatives enrolled in the federal long-term care insurance program. With insurance costs already through the roof, it’s amazing that during a recession premiums will be rising so quickly. Did I mention that is will go up 5 to 25 percent! It’s outrageous.
This is insurance that is directed towards those who are already struggling to pay their bills with dwindling social security checks. The insurance covers formal and informal care at home, adult day care, assisted living facility care, hospice care and nursing home care.
