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CalPERS Long-Term Care Insurance Premiums to Jump 85%

Nope, sadly, that’s not a typo. If you get long-term care insurance through CalPERS you may have to start looking elsewhere:

Dailey Mayo received some stunning news in the mail last week: an 85% rate increase for the long-term-care insurance he has had for 15 years from the California Public Employees’ Retirement System.

The retired sales manager in Pasadena said his monthly premium of nearly $400 would jump to $738, or about $8,850 annually, under this plan. “I’m 82 now and I might need this care soon,” he said. “It really ticks me off that they are doing this.”

More than 110,000 CalPERS policyholders are receiving similar news after the pension fund’s board approved the changes late last year. CalPERS said the hefty rate hikes won’t take effect until 2015 and are necessary to keep this $3.6-billion insurance fund intact for future claims. This CalPERS program, like other plans sold by private insurers, has been plagued by higher-than-expected claims, lower investment returns and poor pricing.

CalPERS plans 85% rate hike for long-term-care insurance

Do you get long-term care insurance through CalPERS? Tell us about it in our discussion forum!

Related posts:

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  2. Will Long-Term Care Insurance Go the Way Of the Dodo? How You Can Prepare Yourself For Long-Term Care
  3. Tax Season Tip: Deducting Long-Term Care Insurance From Your Taxes
  4. Tax Season Tip: Deducting Long-Term Care Insurance From Your Taxes
  5. Long-Term Care Insurance: Will Your Long-Term Care Insurance Really Pay Your Claims?

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