NU Online News Service, Dec. 19, 11:48 p.m. – The U.S. Office of Personnel Management has picked a partnership formed by MetLife Inc., New York, and John Hancock Financial Services Inc., Boston, to start a long-term care insurance program for federal employees, retirees and dependents.
The partnership, Long Term Care Partners L.L.C., Portsmouth, N.H., is supposed to begin selling LTC coverage through a new Federal Long Term Care Insurance Program by October 2002.
The program is open to 20 million Americans, but participation is voluntary, and plan members will have to pay 100% of the cost of coverage.
Federal employees can already buy LTC coverage through union and association programs.
But supporters say the new program should do more to increase awareness, inside and outside the federal workforce, because it will operate with the support of the federal personnel office.
The program could attract as many as 1 million members, supporters say.