John Hancock Entrusted To Run FLTCIP
The Personnel Management office of the U.S. government has named John Hancock as the sole carrier for the Long Term Care Insurance Program which is the largest program that is sponsored by the employer in the United States. The program has to its credit over 224,000 persons enrolled to it that represents every branch of the federal government.
The contract entails Long Term Care Partners, LLC to administer the program and is directed by John Hancock. It needs mentioning here that Long Term Care Partners came into existence seven years ago to support the FLTCIP.
Marianne Harrison, who is the president of John Hancock Long Term Care Insurance said that it was an honor for John Hancock to be entrusted with the job of stewarding the landmark program for a second term of contract and they are ready to fulfilling the needs of federal employees as well as their families of their long term care insurance needs for a long time in future.
In 2002, as the federal government brought in the FLTCIP, the importance of private insurance to solve the growing long term care needs was felt. The OPM advised all the federal employees in taking personal responsibilities of planning all their long term care.
According to Harrison, the renewal for a second contract period of FLTCIP highlighted the continuous focus of the government on the issue of long term care that is facing United States.
Long Term Care Insurance Of John Hancock
John Hancock is among the largest LTC insurance providers in the country with over 1,000,000 L T C policyholders and $1.5 billion in-force L T C premium on insurance to its strength. The future claims with respect to L T C reserves of insurance that are held by John Hancock is to the tune of $9.4 billion and it has already paid insurance claims of $2.2 billion in LTC since it started its business in 1987.
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