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Most Long Term Care Insurance Policyholders in CalPERS Will Pay More in 2015



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(Sacramento, CA)
Thursday, October 18, 2012

 

About 114,000 people in the public employee system will soon have to pay more for the insurance that covers nursing home care and home aides later in life.

Starting in July 2015, their premiums will go up 85% and the higher rate will be in effect for two years.  

Ann Boynton of CalPERS says a number of factors made the increase necessary - the 2008 stock market crash undercut CalPERS financial situation.

And long term care insurance is a new market. Planners didn't have a solid base of knowledge about setting rates.

BOYNTON: "The claims are higher than were anticipated, again it's a new area of insurance, so and all of us are learning as we go."

A CalPERS long term care insurance policyholder now pays an average of 2,200 dollars a year.
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