Do my premiums change now that I’m retired?
Federal Long Term Care Insurance Program premiums are based on the benefits you choose and your age at the time you apply. Your annual premium does not change just because you are retired. However, if you paid your premium through payroll deduction while employed, you will need to notify Long Term Care Partners that you are retiring.
They will let you know your options for paying premiums. There are three options for paying premiums: 1) Annuity Deduction, 2) Automatic Bank Withdrawal, and 3) Direct Bill. Your payments may change if you previously paid biweekly through payroll deduction, because individuals paying through annuity deduction, automatic bank withdrawals and direct bills pay premiums monthly.