Devoted to the Insurance industry and all thing related

The California Public Employees Retirement System is the largest pension fund in the nation.  They currently cover around 170,000 people with long-term care insurance according to an article on Cbs5.com.  With that many people covered by LTC it’s understandable why many would be upset at the announcement by CalPERS that they’re going to increase rates by around 30%.

Katharine Hsiao of the National Senior Citizens Law Center said “Rates have been going up steadily, and CalPERS did not raise its rates for several years. That's why you see a big increase. They acknowledge they made some miscalculations. I think that's true.”  

Thirty percent seems like quite a miscalculation especially when you consider that so many people are going to be affected by the increase.  Especially people living on a fixed income, they’ll have to make some adjustments to their lifestyle in order to continue paying for LTC coverage.