from the hill

Virginia House Members Seek Answer to FLTCIP Increase

In a letter issued last week to Beth Cobert, the Acting Director of the Office of Personnel Management (OPM), Representatives Don Beyer (D-VA) and Gerry Connolly (D-VA) demanded answers regarding the recent increase in premiums for enrollees in the Federal Long-Term Care Insurance Program (FLTCIP).

The increase in premiums will affect most enrollees, varying between 0 to a 126% increase, with the average rate increase of 83%, or $111 more per month.

In the letter, Connolly and Beyer wrote:

“For those on a fixed or limited income, such an increase is simply unaffordable. By comparison, the last time OPM awarded the seven-year contract to John Hancock Life and Health Insurance Company, premiums rose on average 17 percent, with some as high as 25 percent. It merits a reconsideration of how we structure FLTCIP so that price spikes at this extreme can be avoided.”

Additionally, the letter laid out a list of questions the members sought answers to, including:

  1. What accounted for the increase and how premiums are calculated?
  2. What kind of outreach or support is OPM offering to ensure enrollees are notified of the change?
  3. How are OPM and John Hancock working with enrollees to make rates more affordable?
  4. And are benchmarks incorporated to ensure actuarial projected values match actual value. If not, why?

Posted in From the Hill

Tags: Beth Cobert, Connolly, long term care insurance

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