“CalPERS settles long-term care insurance lawsuit, agreeing to pay up to $2.7 billion”

“CalPERS settles long-term care insurance lawsuit, agreeing to pay up to $2.7 billion,” by Wes  Venteicher, The Sacramento Bee

Quote:

“CalPERS has agreed to pay up to $2.7 billion to settle a lawsuit over big price hikes the retirement system imposed on long-term care policyholders eight years ago. The agreement, announced Tuesday in a joint news release, settles a class-action lawsuit policyholders filed in 2013. They filed the lawsuit after receiving notices that their premiums would rise 85% in two increases in 2015 and 2016. The $2.7 billion will be used to refund affected policyholders’ premiums and provide other benefits, according to the release. Settlement amounts will be based on whether people used their policy benefits and how they responded to the increase, according to the release.”

 

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

How long will it take the WA Cares Fund to follow CalPERS into the government LTC insurance Hall of Shame?