Broken CalPERS promises prove costly
03/25/2013 7:31 PM
03/25/2013 7:33 PM
We just read "Promise catches up to CalPERS" (March 15, Editorial) and we are one of the promised long-term care insurance buyers who purchased our "Cadillac coverage" in the '90s.
It was also our understanding that rates would not go up after the time of purchase. As the years have passed, we have had continual premium increases. I hope The Bee will continue to follow this situation.
The continual rate increases has cut into our retirement income and when the 85 percent increase in premiums hits it will be a major impact.
Needless to say, we will have to make some big decisions.
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