CalPERS Considers 85% Rate Hike For Long-Term Care Policies
CalPERS is preparing to impose a rate hike of up to 85 percent on most of its long-term care insurance policyholders.
The rate hike would begin in 2015 and would be phased in over two years. It would affect three-fourths of the 150,000 CalPERS members who've bought long-term care policies, which pay for stays in nursing homes, convalescent homes and so on.
The proposed increase is somewhat higher than the 75 percent rate hike contemplated by CalPERS officials the past several weeks. The earlier estimate "was a work in progress," CalPERS spokesman Bill Madison said Wednesday.