You may have recently read that the Federal Long Term Care Insurance Program (FLTCIP) implemented another significant increase in its long term care insurance premiums (see “Costs skyrocket for feds’ long-term-care insurance.”) For some FLTCIP participants, premiums “will jump by up to 126 percent. The average increase will be 83 percent or $111 per month.”

At Armed Forces Mutual, we remind our members that, while not everyone will ultimately need long term care insurance, everyone does need a plan for long term care. Besides insurance, other ways of paying for long term care include personal savings, investments and accelerated death benefits included in some life insurance policies. Regarding the latter, every Armed Forces Mutual whole life policy includes a Long Term Care Settlement Option (LTCSO) at no additional cost.  Our LTCSO gives the Armed Forces Mutual policy owner the option of converting the death benefit on an eligible insured life — normally payable only upon the death of the insured — into regular periodic payments prior to death, specifically to defray the cost of nursing home, custodial or home health care for the insured. For more information, visit our LTCSO page.