The California Public Employees’ Retirement System’s board of administration has approved a 22% increase in long term care insurance premiums paid by public employees in the state.
The board took action to maintain the stability of the long term care program, according to Calpers, which oversees benefits for workers employed by the state, local public employers and schools. The premium increases are set to begin in mid-2010.
“This premium increase comes during economic hard times for many of our members and their families and, at the same time, we have an obligation to our members using and needing this coverage to maintain the program’s stability,” said Rob Feckner, president of the board, in a statement.