As workplace wellness programs have gained popularity among employers, questions about their effectiveness and drawbacks have proliferated.
Actuaries based their estimates on the disability insurance market, the closest analogue they could come up with. B ut the two lines of insurance turned out to be very different. During a meeting of the CalPERS board in Monterey on Jan. 19, board member Bill Slaton took the floor to launch an extraordinary attack on one of his colleagues.
that the lack of actuarial experience had made it difficult for insurers to price the policies reliably, and that partially as a consequence, some policies were riddled with loopholes. The category eventually acquired the reputation of a black hole of insurance company bad faith.
“There’s no way in hell that folks, as they get into fixed incomes, are going to be able to handle these rate increases,” says Gerber. “The very reason for long-term care insurance has been negated.”
Source: Insurance Report (insurancereport.net)
Smartest guy at The Times.
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