Question 1: Thanks for all your advice on Federal retirement. You provide the best advice I’ve heard, and I am letting my colleagues know. Here is my question: What is the role of Federal Long Term Care Insurance Program (FLTCIP) in a federal retirement? How does this program compare to similar products on the commercial market? Is it a good deal? What unique concerns are there with signing up for FLTCIP and maintaining the coverage?
Answer 1: It is important for everyone to have a plan for what they are going to do if they ever need long term care. But for many people, this doesn’t mean that they need long term care insurance.
Some people choose to self-ensure because they feel they have enough assets to pay for whatever expenses might come up.
Others plan on using their home equity to pay for long term care expenses if they come up.
The most important thing is that you have a plan for what you are going to do if the situation arises.
But if someone does feel that they’d like long term care insurance the Federal Program (FLTCIP) may be a good fit. But before making a decision I would definitely get quotes from multiple places to make sure that you are getting the best policy for you.
One thing to keep in mind is that the Federal Long Term Care Insurance Program (FLTCIP) have raised their premiums in the past and probably will in the future. You will want to make sure you are willing to continue paying the premiums even if they do increase in the future.
Question 2: Am a Federal employee 56 years old have 37 years of work with federal government am thinking of getting disability do to complications work-related injury. What best advice should I look into. Also the federal gives me workers comp to pay for my Medical treatments while still working. Should I higher a federal workers comp attorney about my I’m going condition tell my retirement?
Answer 2: I am not an attorney but I have seen my fair share of disability/workers compensation cases. Every case is different and there is no one solution for every situation. That being said, I would highly recommend that you talk to an attorney that specializes in whatever issue you have. While it may cost more up front, good advice is often worth its weight in gold later on.
Here is a great law firm that handles federal disability and workers compensation issues.
Contact:
karie@federal-law.com
Question 3: I am a CSRS retiree and will be eligible for Medicare shortly. I heard that my Part B premiums cannot be automatically paid for from my monthly annuity. Is this true? If not, what form do I need to fill out and submit to OPM?
If you have already started Social Security by the time you enroll in Medicare then the Medicare premiums will come straight out of your Social Security checks. If you have yet to start Social Security then you can pay your Medicare premiums directly. You can have your Medicare premiums paid via your annuity per this article here.
