41,000 members with long-term care insurance through CalPERS will soon be faced with a 5% rate increase this year and an 85% rate hike over the course of two years.
According to the Sacramento Business Journal, letters will be mailed next month explaining the options.
“I don’t have any way to predict the significance of the fire storm,” CalPERS deputy executive officer Ann Boynton told reporters Tuesday.
The rate increase was approved by the CalPERS Board of Administration in 2012, in light of 2008’s investment fund losses and a continuing pattern of higher-than-expected claims.
For a list of Frequently Asked Questions, please refer to this CalPERS document.
Decisions for this first go-around must be made by May 9.
Read the full story at the Sacramento Business Journal.