Comments on: Outrage at CalPERS’ 85% rate hike for long-term care

By: Equitable Long Term Care Insurance | Auto car

Equitable Long Term Care Insurance | Auto car — Wed, 14 Oct 2015 01:11:57 +0000

[…] Outrage at CalPERS’ 85% rate hike for long-term care … – Feb. 20, 2013. By Dave Roberts. When tens of thousands of state employees signed up for the California Public Employees Retirement System‘s long-term care insurance … […]

By: Teri

Teri — Sun, 09 Aug 2015 17:27:44 +0000

I’ve contacted my assemblyman and all the California insurance regulatory agencies. No one monitors CALPERS LTC except CALpers LTC.

By: bud

bud — Mon, 08 Jun 2015 18:18:03 +0000

Calpers LTC late last week ( 1 June 2015) sent us our new revised premiums based on the options that we had selected. Assuming all the current enrolled have or will get shortly their letters you all need to look at it carefully. In it they added a NEW clause that they never talked about any where before. The clause states that the first 90 days of any need for paid care is on you. Further the 90 days can be cumulative i.e. one 30 day and then say another 30 days and then a final 30 day then and only then does Calpers LTC pay a single dime out. Oh and if the total 90 days is NOT accrued in one year,the whole clock starts over again. This clause was never in ANY of the information they provided me/us during this whole 85% increase process .After we submitted our choices then and only then it appears as a provision in their confirmation of our new premium and choices.Bottom line folks the new provision, ALL of us now have, at the VERY LEAST we all have to pay (at a minimum) the first 90 days of any need for long term care.

By: Gretchen Saaduddin

Gretchen Saaduddin — Tue, 02 Jun 2015 22:39:17 +0000

In reply to Steve Kawai.

My Dad is having problems collecting on his Long Term Care Insurance from Thrivent Financial for Lutherans. Guess who manages their funds? You guessed it….Univita. They are buying up these “fraternal” plans like hotcakes, as they do not fall under any insurance commission regulations. Let’s just call it the Wild, Wild, West Syndrome where seniors just lean over and….I think all readers can understand what I am saying here. I cannot believe there are no laws covering this. This is organized crime, so why not RICO laws?

By: Carol

Carol — Mon, 13 Apr 2015 02:13:28 +0000

I am also outraged at this huge increase to the long term care policy premiums. It would wipe out my entire pension, so is completely unacceptable. The last two publications from PERS have articles that mention their assets are $3 billion. With that much money now they should rethink this increase they instigated in 2012 and not be so unfair to their loyal employees who took out these policies due to the promises they never kept.

By: Bill Bergerson

Bill Bergerson — Tue, 31 Mar 2015 19:04:08 +0000

I have a proposal that might save a lot of people money on long term care. I would like you to push my proposal. I sent it to Governor Brown but I never hear back. Please send me your company address & head persons name. I will send a copy. It’s on a type condo for old people If my proposal is made into law it could be a great help to familys & their childrens & help them live a better life.

By: John

John — Sat, 21 Feb 2015 15:27:49 +0000

My mother and father in law have been in and out of skilled nursing and are now currently living in an assisted living facility in Naples FL. I say Naples FL, because it’s California prices on the East Coast , as Naples is “California expensive”. After helping my wife manage their care and expenses, I have gotten down on my knees and thanked God for giving me the insight to purchase a LTC policy when I was 45. They pay $7,900 a month for a two bedroom apartment in assisted living. My mother in law has level 4 care and medicine management. That’s approximately $ 100,000 a year. My & my wife’s policy combined , life time , with 5 % inflation ryder is $300 total a month and will go up to just under $600 a month. That’s approximatly $ 6,000 a year. That’s $120,000 in 20 years when we are 80 years old. If we use the LTC benefits for just 2 years in assisted living we are ahead of the game ($85 a day x 2 of us x 30 days = $5,000 a month = $60,000 a year x 2 years = $120,000. Take s look at a Medicade facility (those that do not have LTC or money to pay for long term care out of pocket will go there), and you will run and pay whatever premium to insure you do not get put in a Medicade facility. Bottom line. Pay now , enjoy later, or die and never reap the benefits. But at that point your dead, so who cares 🙂

By: Mary

Mary — Tue, 06 Jan 2015 22:09:35 +0000

Just found these websites concerning the class action lawsuit, in case those asking about it didn’t know.

http://www.calpersclassactionlawsuit.com/index.html

http://calrta.org/get-informed/calpers-long-term-care-lawsuit/

By: Mary

Mary — Tue, 06 Jan 2015 21:56:57 +0000

In reply to Teri Malkin. Don't know, Teri… The options presented to me in August by CalPERS LTCG only mentioned the 85% over 2015 and 2016. I didn't make any changes then, will see what the "spring" letter and choices will be. Does anyone know when participants who haven't chosen one of the new options will receive the next communication and chance to change?

By: Kirn

Kirn — Sun, 12 Oct 2014 16:36:56 +0000

This Long Term Care Opportunity was too good to be true. They never thought costs could rise so significantly in the future.

Any class Action lawsuit against the Fund for this insurance issue, will be hitting a fund already in danger. California cities who filed bankruptcy, may not have to reimburse the fund for what they owe and have never paid. A lawsuit filed against Stockton by a creditor, claimed that it was unfair that they pay the fund the millions they owe it and deny him his money. A temporary ruling by a judge determined that CALPERS debt can be written off just like other debt. If think you will continue to see this until it becomes the norm. Even if the Cities are irresponsible and waste money, a bankruptcy could relieve them of their duties. My opinion is that the Cities, Counties and the State, should be contributing some on a continual basis, along with the employee, rather than waiting until they are required to, due to a poor economy they never budgeted for.

The entire Fund needs protections put in place now for it’s survival. Caps on retirement, such as 90% of your highest 5 years, with a $100,000 cap for the highest paying jobs, regardless of how much money you made as a high paid professional. Elected officials should be subject to the same rules as the rest of us.