The U.S. Office of Personnel Management has named one company to be the sole Federal Long Term Care Insurance Program carrier. 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.