CalPERS Committee Approves 90% Premium Increase for Long Term Care Insurance Plans
Posted on 11/19/2020
The Pension & Health Benefits Committee at the California Public Employees Retirement System (CalPERS) agreed to approve a 90% premium increase for its long term care insurance plans. The new rates will be introduced over two years, with a 52% hike coming in July 2021 and a 25% increase in July 2022. According to CalPERS, the average premium for the plans was US$ 163 per month as of December 31, 2019. CalPERS is exploring in-home care options to lower costs. CalPERS suspended enrollment in the plans in June 2020.
These plans help cover the costs of long-term care facilities, nursing homes, and home options.