The U.S. Office of Personnel Management has named one company to be the sole Federal Long Term Care Insurance Program carrier, and it also is increasing rates for in-force policies.
John Hancock, Boston, a unit of Manulife Financial Corp., Toronto, has won a new, 7-year federal LTC insurance program contract.
The program, which now has 224,000 enrollees, has been getting LTC coverage from Long Term Care Partners L.L.C., Portsmouth, N.H., a joint venture formed by Hancock and a unit of MetLife Inc., New York, in 2001.
Long Term Care Partners will continue to run the federal LTC program, but Hancock now will control Long Term Care Partners, officials say.
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“The renewal of the FLTCIP for a second contract period underscores the government’s continued focus on the long term care issues facing our nation,” Marianne Harrison, president of John Hancock Long Term Care Insurance, says in a statement.