A new presentation targets some 60,000 members of the California Public Employees’ Retirement System who are facing rate increases for long term care insurance policies purchased.
“We are hearing from a growing number of CalPERS long term care insurance policyholders who are confused about what to do,” explains Jesse Slome, executive Director of the American Association for Long-Term Care Insurance. The organization has created a new online presentation designed to outline considerations and next steps and to share pricing for long term care insurance available currently to California residents.
The impacted long term care insurance policies tend to offer lifetime or unlimited benefits coupled with an annual five percent compounded increase in daily benefit amounts the Association director notes. “This was the Rolls Royce level of coverage when they purchased it and is not even available from most insurers today,” Slome notes.
According to the Association, a 65-year old single individual applying for $547,500 of long term care insurance coverage without the future five percent inflation growth option will pay between $4,200 and $8,200 a year. Similar level of immediate coverage including the five percent annualized benefit growth option will cost between $10,100 and $19,900 per year according to the long term care trade group.
“Individuals with CalPERS long term care insurance policies facing rate increases have time to decide and they can avoid paying more by accepting some of the changes being offered,” Slome notes. “Inflation is not a factor so why pay to have your benefits increase if you have a pension or Social Security that could pick up some of the cost? In the end, it makes little sense to even try to compare what you have with new coverage that will cost a whole lot more assuming g you can even health qualify.”
To view the presentation go to http://goo.gl/fMTKd. For long term care insurance costs connect with a designated specialist member of the American Association for Long-Term Care Insurance by visiting the organization’s website
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