Anti-poverty insurance for feds?

Do you have anti-bankruptcy or anti-poverty insurance? If not, Senior Correspondent Mike Causey reminds you that you have until the end of next week to sign up ...

The leading cause of bankruptcy in America is said to be staggering medical bills or costs associated with long-term assisted living. Not a fun stat! But food for thought – especially this week – because the easy-signup open season for the federal long term care (LTC) insurance group rate program ends June 24. That’s a week from tomorrow. So who really needs LTC now? Is it:

  1. My oldest granddaughter? On Memorial Day this college-bound person (yes, I was a child groom) fell, one step, onto a concrete sidewalk. Her father, uncle and I were standing two feet away. Tough kid. She didn’t cry, ever. But she got sick and appeared to go into shock. Off to the hospital. Bottom line: a shattered right elbow, major surgery and maybe more to come – maybe lots more. But she is young and strong. Docs say she should make a full recovery (some possible mobility issues). Thank heaven for good doctors, a nearby hospital and employer-provided health insurance.
  2. My former colleague? Also on Memorial Day, a former newspaper colleague fell. He didn’t trip. He just dropped. He’s a World War II vet in his 80s. Tough man. One leg is slightly shorter than the other, the result of a suicide airplane attack on his ship off Okinawa. But he had a full, very successful career with a major newspaper. His pension (after 38 plus years of service) is $324 per MONTH. But he married well and invested well. So with his long term care insurance policy, his son says he will be okay. A good thing because they say he will never leave the nursing home unassisted and needs 24/7 care since the fall.
  3. My mother? A retired fed, who was healthy before it became fashionable to take care of yourself. As city folks she/we walked a lot. She didn’t learn to drive until her mid-30s. She was healthy but didn’t like to think about dark things, like accidents or illness. Even so, I convinced her to get LTC through the government program. She, instead, went outside and got an individual policy. But at least she had it. After a simple car crash, dementia set in quickly. She died in a full-care nursing home after several years. Because of her small Social Security benefit, her indexed-to-inflation CSRS annuity and the LTC policy, she got the best care money could provide with minimal out-of-pocket expenses for her or her family. Today, by the way, would have been her 91st birthday.

If you picked number two, three or both, you are correct. My granddaughter, maybe, needs to check out long term disability insurance when she starts working. And then, as she ages, she can move into LTC.

So who needs it? Why? At what age? And why sign up now?

Today at 10 a.m. on Your Turn with Mike Causey, Paul Forte and Beth O’Brien from Federal Long Term Care Partners will talk about the different kinds of LTC insurance, what they cost and cover, and who needs them.

Social Security and your FEHBP insurance plans don’t take care of most nursing home or assisted living costs. That is up to you – or your family. You may find that the federal program is best for you. But if you are younger and healthy, you may be able to get similar coverage for a lot less.

Also on Your Turn with Mike Causey we will talk with Federal Times Editor Steve Watkins to find out the status of plans to cut take-home pay, raise health premiums and trim one in every 10 federal jobs. Many of these plans in Congress are under the radar, but Steve has been tracking them and will give us a status report.

If you have questions for any of my guests, e-mail me at mcausey@federalnewsradio.com or call during show time (10 a.m. to 11 a.m. Eastern time): 202-465-3081.


Nearly Useless Factoid
by Suzanne Kubota

The “Face of Gandhi” has been found on Google Mars. Causey says it looks more like his Uncle Liam.


MORE FROM FEDERAL NEWS RADIO

150 Years at the Government Printing Office (multimedia series)
The agency that produces the Federal Register and Congressional Record everyday is turning 150 years old. Federal News Radio brings a behind-the-scenes look at the GPO plant and explains how the agency has transformed from a printing service to a digital platform.

Geithner urged to protect federal pensions
Sen. Barbara Mikulski called on Treasury Secretary Timothy Geithner to protect federal employee pensions in the face of the nation’s budgetary woes.

Duckworth resigns from VA post
A former major in the Illinois Army National Guard, Duckworth was a Black Hawk helicopter pilot who lost both her legs in a 2004 mission in Iraq. She has received the Purple Heart, the Air Medal and the Combat Action Badge.

OMB freezes new .gov websites
The Office of Management and Budget said the government will close more than 1,000 federal websites over the next year.

White House launches 4-pillar smart grid plan
In a new policy framework, the Obama administration pledged more coordination to try to pave the way forward for a modernized national electric grid.

Copyright © 2024 Federal News Network. All rights reserved. This website is not intended for users located within the European Economic Area.

    (AP Photo/Brynn Anderson)USPS, FEHB, PSHB, 2025 budget

    USPS health care program will have 32 carrier options in 2025

    Read more
    TSA, AFGE agreement

    TSA, AFGE aim to expand workforce options in new 7-year contract

    Read more
    Amelia Brust, Federal News NetworkSocial Security, SSA, worker, telework, episodic telework

    SSA adds ‘episodic’ telework flexibility for agency employees

    Read more