With a looming 5% premium increase for Long Term Care (LTC) policy holders scheduled to start in July 2013, CalPERS has released another official statement outlining various options for the 60,000 affected policy holders.
CalPERS stipulates that the change only impacts "Long Term Care Policy holders who purchased LTC Insurance between 1995 and 2002 with lifetime coverage and built-in inflation protection."
If you have any questions regarding your options, please call 888-877-4934 during working hours, or email your questions to calpersltc@ltcg.com
Here is the full unedited release from CalPERS:
CalPERS Explains Options to LTC Policy Holders
Affected by Rate Increase
If you are one of the 60,000 Long Term Care Policy holders who purchased LTC Insurance between 1995 and 2002 with lifetime coverage and built-in inflation protection, CalPERS mailed you a letter in late April. This letter notified impacted policy holders of the 5 percent increase in premium that is effective July 2013. As in past years, this letter provided options to accept the increase and maintain your current benefit. The letter also detailed new options that may save you money and still give you excellent long term care coverage.
Please read your letter very carefully. Policy holders can now convert their lifetime inflation adjusted coverage to a new 10 year policy that retains their current daily benefit amount, but without inflation protection.
If you have questions about the increase or to discuss your options, call 888-877-4934 during working hours, or email your questions to calpersltc@ltcg.com. For additional information, a list of LTC Frequently Asked Questions and Insight Video featuring our Deputy Executive Officer of Benefit Programs Policy and Planning are also available at www.calpers.ca.gov .
Please note, if you did not buy your policy between 1995 and 2002 and it does not include a lifetime benefit with built-in inflation protection, you will not receive a letter.