The State Worker

Chronicling civil-service life for California state workers

October 8, 2012
Inside CalPERS' proposal to hike long-term care premiums by 75 percent

CalPERS' to consider big hike for long-term care insurance

Background and social media reaction to news about the big premium hike -- up to 75 percent -- the California Public Employees' Retirement System's Board of Administration has on its agenda next week.

Storified by Jon Ortiz · Sun, Oct 07 2012 11:02:55

Here's Bee colleague Dale Kasler's story:
CalPERS weighs huge premium hike for long-term care - The Sacramento BeeIt's an old-age safety net offered to California public employees: insurance to cover the exorbitant cost of staying in nursing homes, as...
A PowerPoint presentation from last month lays out the situation. Slide 9 illustrates how anticipated premiums and investment returns will fall short of projected benefit payouts and expenses. Slides 5, 6 and 7 review previous increases. (Click the arrow in the upper-right corner to open a larger view of the PowerPoint in a new window.) 
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Dale's story ricocheted around traditional, social media and the web:
CalPERS is going to raise premiums sky high, lose members & go bankrupt. Watch.&; Lay ღ
whoa: CalPERS weighs huge premium hike for long-term care http://sacb.ee/PAL17UReporting on Health
Yikes! "CalPERS Weighs 75% Premium Increase for Long-Term Care' - http://bit.ly/PZ3QULMichael Keegan
Yow. #CALPERS considers 75% rate hike on most of its 150k long-term care policy holders: http://sacb.ee/T40myN @dakasler @Sacbee_newsEmily Bazar
We have been hearing for a long time that long term care insurance premiums were too low and were going to go up. but, darn, this sucks!Lighthouse Financial Planning, LLC
Of course, the prospect of a CalPERS long-term care rate hike is a dark cloud for some -- and a ray of sunshine for at least one person.
Folks...if you know anyone on CalPERS long-term care insurance plans...they will get hit hard this year. I sell PRIVATE LTC policies and can help them out! http://www.sacbee.com/2012/10/04/4880202/calpers-weighs-hugh-premium-hike.htmlMark Allen

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About The State Worker

Jon Ortiz The Author

Jon Ortiz launched The State Worker blog and a companion column in 2008 to cover state government from the perspective of California government employees. Every day he filters the news through a single question: "What does this mean for state workers?" Join Ortiz for updates and debate on state pay, benefits, pensions, contracts and jobs. Contact him at (916) 321-1043 and at jortiz@sacbee.com.

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