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CalPERS Long-Term Care Fiasco: Private Burial to Hide Malfeasance, Failure to Implement Legislation

CalPERS Long-Term Care Fiasco: Private Burial to Hide Malfeasance, Failure to Implement Legislation
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Early CalPERS Long-Term Care Insurance clients squeezed by rate hikes

Early CalPERS Long-Term Care clients squeezed by rate hikes Two impending hikes that would boost premiums for existing CalPERS Long-Term Care insurance customers by 90% make coverage hard to justify, one policyholder said. May 27, 2021 5 MINS Financial adviser Lawrence Grossman is holding onto a long-term care insurance policy he started 20 years ago, even though his premiums are five times what they originally were. But that might not be the case for much longer. With two impending rate hikes that will increase premiums for existing CalPERS Long-Term Care insurance customers by 90%, the cost will be hard to justify, Grossman said. That wasn’t supposed to happen, he said. Two decades ago, California’s then-young program offered competitive rates that were marketed as intended to stay low over time. After rate increases in 2013, some participants sued CalPERS, claiming that the program broke a promise not to increase rates, leading to a consolidated cl

Long Term Care Insurance and the Pandemic Age

CalPERS Long Term Care Program Bleeds Policyholders Dry via 10X Higher Premiums, Gross Mismanagement, Bad Faith Dealing

Yves here. Please welcome Lawrence Grossman, who with his wife is a CalPERS long-term care policy holder. Grossman, a financial analyst, describes the extreme underfunding of this zombie program. The rate increases that CalPERS is putting through, a 900% increase over the rates charged at the outset, are wildly disproportionate to the level of any other significant long-term care program. In other words, even by the standards of an industry that is in deep financial trouble, CalPERS’ rate increases are such an outlier that it is hard to explain them solely as a result of the original underpricing. It is not unreasonable to suspect that mismanagement also contributed to this sorry outcome.

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