Retired California government workers will get tens of thousands of dollars if they give up their long-term care insurance.
The average age in the class is 76 and 14,846 members of the lawsuit have died since the litigation began, according to the settlement order. Attorneys estimate another 9,000 could die before seeing any benefit from the lawsuit if the case proceeds to trial and takes more than two years to resolve.
CalPERS was not the only provider to misjudge the market when it began offering those plans. AARP in a 2018 report noted that“It’s a toxic product for insurers, and CalPERS in 1995 decided to jump in with both feet.”In fact, last year’s settlement agreement called for CalPERS and the plaintiffs’ attorneys to seek a replacement plan for members who wanted long-term care insurance from another provider.
CalPERS has not sold new long-term care policies since 2020, citing uncertainty in the market. It alsoToday the average monthly premium for a CalPERS long-term care policy is $280.41, according to CalPERS. Talley’s clients bought policies in the 1990s for as little as $60 a month; he said it’s common for them to pay upwards of $400 a month today.
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