FMA National Office staff received an update from the Office of Personnel Management (OPM) on the Federal Long Term Care Insurance Program (FLTCIP) on May 3, 2023. Most current enrollees of FLTCIP can expect a premium increase effective January 1, 2024. The program, which began a new 7-year contract with John Hancock Life & Health Insurance earlier this week, is currently prohibited from accepting new enrollees until December 2024, at the earliest.

Paul Forte, CEO of Long Term Care Partners, sent a message to FLTCIP enrollees addressing the updates to come for the program, and OPM shared the letter with FMA. You can view that letter here. Information on the amount of the upcoming rate increase is not currently available. We will learn specifics about the rate increases and options for enrollees in the Fall of 2023, and we will share what we learn with all FMA members.

OPM also shared with FMA the Milliman Report, an independent market analysis study commissioned by OPM on the FLTCIP program. You can view that report here.