Sacramento Business Journal: Insurance for long-term care struggling

[Robinson Chavez, Michael -- - Sierra Foothills, Ca. November 16, 2011 Kate Hamon, 78, had it made when she moved to Pine Grove just north of Jackson. She owns two homes, one, a 17 acre property is all paid for. Then the bubble burst and Hamon was upside down on one of her homes, which is being purchased in a short sale for a song. Hamon, a deeply religious woman, packs up a statue of the Virgin Mary. The elderly are dealing with tough financial conditions and aborted retirements in the foothills of the Sierras. (Photo by Michael Robinson Chavez/Los Angeles Times)] *** []

From California Healthline: 

CalPERS has proposed an 85% premium increase for 115,000 of its 150,000 long-term care beneficiaries, the Sacramento Business Journal reports (Robertson, Sacramento Business Journal, 10/12).

The proposed hike is higher than the 75% increase CalPERS officials were considering earlier this month.

Bill Madison, CalPERS spokesperson, said the previously proposed 75% rate hike “was a work in progress” (Kasler, Sacramento Bee, 10/11).

Background

Unlike its pension benefits program, CalPERS’ long-term care program is not funded by taxpayers, and the pension fund must pay its own claims. According to CalPERS officials, the long-term care program has enough money for now but will face budget shortfalls in decades to come.
Continue reading California Healthline Article here: http://bit.ly/R4580Q

Background Article from The Sacramento Business Journal here: http://bit.ly/X1mT3E

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