Nearly 265,000 Apply For Fed LTCI Program

Approved applicants are 54% female and 46% male. The average age of an active civilian enrollee in the program is 51, while the average age of an active uniformed services enrollee is 45. The average age of a civilian or postal annuitant in the program is 65; the average age of a retired uniformed services enrollee in the program is 63.

Nearly 70% of the group opted for one of four packaged plans. The most popular is the Comprehensive 100 Plan with an automatic compound inflation option, offering a $100 daily benefit amount, a three-year benefit period and a 90-day waiting period. Overall, nearly 70% of the group chose the automatic compound inflation option, one of the highest take-up rates in the employer market.

The annualized premium for the Federal Long Term Care Insurance Program is projected to be more than $250 million, significantly higher than most programs on a per-enrollee basis. This is largely attributable to three factors: no upper age limitation, a larger proportion of older enrollees (e.g., Federal retirees) than most employer group programs and success in promoting the selection of automatic inflation protection, LTC Partners says.