Although CalPERS doesn’t run the UC retirement plan, at one point CalPERS offered long-term care insurance to UC employees. It seemed to some folks to be a good idea at the time and they took out policies. Long-term care policies can be bought from commercial carriers. The problem is that you have to trust that these carriers will do right by you many years in the future when you may not be in the best condition to assert your rights. It appeared, however, that having CalPERS – a public entity – providing the policies might be a solution. Sadly, there were very big premium increases not long ago and cut back plans. Lawsuits were filed and the matter is still pending. An article in the Sacramento Bee says that CalPERS is again opening policies to new subscribers. The article seems to indicate that you don’t have to be a CalPERS member to apply – which would seem to mean that UC employees are again eligible. You can read the article at:
Yours truly has not yet verified that UC employees are in fact eligible for new policies. But even if they are, the past history suggests extreme caution before subscribing.
CalPERS may be happy to take your money today. But will it love you tomorrow?