The CalPERS LTC Fund is in serious financial trouble. The LTC Board has determined that swift action to improve the fiscal health of the Long Term Care Program is imperative.
Two actions will take place immediately, the first being that there will be no open enrollment program, nor will any new policies be issued until the fund conditions improve. The second will be an increase in rates of 15% to 20% for current policy holders next year.
CalPERS will be sending this information to CalPERS members this week.