Speaks to CalPERS Long-Term Care Rate Increases
Bonnie Burns, a Training and Policy Specialist, was interviewed on KGO’s New Talk bay area radio station regarding CalPERS’ announcement of long-term care (LTC) insurance premium rate increases. Recently CalPERS LTC insurance policy holders received a notice of premium increases of 85% for 2015. Of the 140,000 people in California with these policies, many are understandably upset and feel that the promises made to them when buying their policies are not being met. One woman who has been paying about $3,000/year in premiums, has been notified that she’ll need to pay $15,000/year to keep her policy with the rate increase. This type of increase is unsustainable for most.
In the interview, Burns speaks to this situation and encourages people to contact their local Health Insurance Counseling and Advocacy Programs (HICAP) for assistance. CalPERS will offer some adjustments to people’s polices so they can have a lower premium and still keep some benefits. It will be important for people to understand all their options before making a decision one way or another about their policies.