“CalPERS approves 90% price increase for long term care insurance plans,” by Wes Venteicher, Sacramento Bee

 

Quote:

“CalPERS leaders approved a 90% premium increase for its long term care insurance plans Tuesday, seven years after the announcement of a similar increase spurred a lawsuit. The new rates will be introduced over two years, with a 52% hike coming in July 2021 and a 25% increase in July 2022, Chief Health Director Don Moulds told the California Public Employees’ Retirement System’s board Tuesday. Compounded, the rate of increase is 90% over the two years.”

LTC Comment:

Therein lies a lesson the Keystone Kops of LTCI in Washington State could wisely heed.