CalPERS to pay $800 million settlement over claims it misled retirees on costs of long-term care insurance,” by Adam Ashton, CalMatters

“CalPERS is preparing to pay out roughly $800 million to settle claims that it misled retirees when it began offering long-term care insurance in the late 1990s and pledged it wouldn’t substantially raise rates on certain plans. … Under the new agreement, retirees who want to cancel their long-term care insurance will receive 80% of the premiums they paid into CalPERS’ long-term care fund. That could amount to tens of thousands of dollars for retirees. The settlement does not cap how much money a policyholder can receive.”

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Will WA Cares do a better job of LTC than CalPERS?