SACRAMENTO – Responding to statewide constituent concerns, Assemblymember Mariko Yamada, Chair of the Assembly Aging and Long-Term Care Committee has scheduled an oversight hearing, “Paying the Price for a Long Life: What’s Next for Long-Term Care Insurance?” on Tuesday, May 7 at 2:00 p.m., State Capitol Room 127.
The hearing will address concerns related to the recent “sticker-shock” of an 85% rate increase for longtime CalPERS policy holders, and what steps are being taken to address the sustainability of long-term care insurance products in California. Panelists will include representatives of CalPERS as well as the long-term care insurance industry, policyholders and retired public employees.
Because of the unpredictability in financing long-term care insurance products, policy holders have been faced with rapid premium increases, benefit reductions, and the looming potential for gender-based pricing—meaning women will pay more for the same insurance product. AB 999, legislation that became effective January 1, 2013 authored by Assemblymember Yamada and sponsored by Insurance Commissioner Dave Jones, provides oversight for private—not public—policyholders.
“Congress and the President have finally established a commission to study these issues,” Yamada said. “California—home to the largest population of seniors and persons with disabilities in the nation, should begin our own conversations about planning for the costs of long-term care and help lead the country in finding sensible and sustainable solutions.”
Yamada represents all or part of Colusa, Lake, Napa, Solano, Sonoma and Yolo Counties.
Contact: Joe Kocurek – (619) 655-8330