Military Health Insurance

LONG TERM CARE INSURANCE
...for a Healthy Military Retirement

Americans are living longer than ever, and that's good news - if you're prepared.

Over nine million men and women over the age of 65 will need long-term care, according to the U.S. Department of Health and Human Services. By 2020, that number will jump to 12 million.

The number of US veterans aged 65 and older is large and getting larger...soon it may include you and others from your military family. Be sure you have the military health insurance you need - starting with Long Term Care Insurance (LTCI).

If you are injured in the military, you may need LTCI sooner than you think: if you become physically unable to provide for your military family, for example, LTCI can be there for you. And LTCI can also help ease the financial burden of medical costs.

Long term care insurance can even provide benefits to cover services you may need if you're unable to care for yourself or your military family, due to chronic mental or physical conditions.

The Federal Long Term Care Insurance Program (FLTCIP) - one of the largest LTCI programs - is available to all federal employees and military servicemembers. FLTCIP is the only long tem care insurance product sponsored by the federal government and covers the following services:

• Nursing home care
• Home health care
• Assisted living facilities
• Adult day care

The coverage also extends to active and retired military, federal employees, and the policyholder's qualified relatives (parents and in-laws of active employees or military, and adult children of veterans).

Active military should not wait until they are older or injured to purchase an LTCI policy; by then it may be too late. After age 65, six out of ten Americans will need some form of long-term care.

Long-term care includes a wide range of medical and support services. Long-term care can take place in a nursing home, an assisted living facility, or in your own home or other settings.

Each year in a nursing home 20 years from now could cost $185,000 - more than $500 a day. Paying the total expense from your savings or military retirement pay adds up quickly: $925,000 after only five years - enough to damage or empty your military retirement fund; and once you're healthy again, you may return home to financial hardship. If you need nursing home care, the costs could erase any inheritance your military retirement account may have provided for your heirs.

On the other hand, if you elect to have long-term care insurance, you would amortize your $50,000 in premiums in just a few months.

For this reason and more, long-term care insurance becomes an important military retirement planning consideration. You may be able to take a tax deduction for most (if not all) of your premiums. Check with a tax professional.

You are military prepared when you review your military health insurance options and make sure they're arranged to serve you and your family.