The agency running the long term care insurance program for federal employees has extended a deadline for enrollees to decide whether to keep their coverage.
Due to an error in a recent letter to enrollees, Long Term Care Partners Inc., Portsmouth, N.H., the company administering the program for OPM, extended the deadline for making a decision on policy renewals to March 15, 2010.
LTC Partners is a unit of John Hancock, Boston, which, in turn, is a subsidiary of Manulife Financial Corp., Toronto (NYSE:MFC).
The OPM deadline extension gives enrollees more time to consider whether they want to keep their policies and pay premium hikes as high as 25%. OPM announced the premium hikes in May.
This is the second time OPM has extended the decision deadline, which was originally set for Dec. 14. After policyholders complained about the premium hike at a Senate hearing in October, OPM extended the deadline to Feb. 15, 2010.