“CalPERS long-term care insurance settlement: how to avoid missing out on $35,000 checks”

“CalPERS long-term care insurance settlement: how to avoid missing out on $35,000 checks,” by Wes Venteicher, Sacramento Bee

 

Quote:

“CalPERS agreed to pay up to $2.7 billion in July to settle the lawsuit, which was filed in 2013 by policyholders who claimed CalPERS improperly raised rates on their plans. The plans at issue came with an ‘inflation protection’ benefit and a promise that rates would remain stable. The settlement agreement gives 60,000 current policyholders a choice: they can participate in the settlement and receive a refund of all the premiums they’ve ever paid, but will lose their coverage. Or they can reject the settlement and keep their policy at a higher price.”

 

 

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

I wonder if the compulsory, payroll-funded WA Cares Fund will offer such a deal when its “premiums,” i.e. taxes, skyrocket to cover its $15 billion unfunded liability.