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CalPERS Lawsuit: A Settlement Reached, But What About You?

Remember the CalPERS long-term care lawsuit that made headlines for years? Well, buckle up, because there’s been a major development: the settlement is final. But what does that mean for you, the policyholder who might be feeling a little lost in the legal dust?

Let’s break it down:

The Verdict is In: The lawsuit, officially known as Wedding v. CalPERS, challenged the pension fund’s decision to cancel its long-term care (LTC) insurance program back in 2020. After years of wrangling, the court finally approved a two-pronged settlement in July 2023.

Option 1: Cash Out and Move On: If you were a policyholder when the program was axed, you had the choice to surrender your policy and receive an 80% refund of your premiums. That means no more LTC coverage, but a nice chunk of change back in your pocket. The deadline to opt for this was September 28, 2023, so if you missed it, fear not, there’s still…

Option 2: Hang On and Wait: If you chose to keep your policy, things get a little murkier. CalPERS is currently in the process of transferring existing policies to new carriers. This might mean changes to your coverage, premiums, or even the company itself. It’s a waiting game, and CalPERS is promising updates through their website and mailings.

But Wait, There’s More: The settlement also includes some additional goodies, like premium refunds for certain policyholders and legal fees reimbursement for the plaintiffs. Confused about your eligibility or what paperwork you need? Don’t fret, there are resources available:

CalPERS LTC Class Action Settlement Website: This is your one-stop shop for all the official information, FAQs, and claim forms. https://www.calpersltcclassaction.com/
California Health Advocates: These folks have been keeping a close eye on the lawsuit and offer helpful resources and updates. https://www.calpersltcclassaction.com/

The Bottom Line: The CalPERS lawsuit saga is finally over, but it’s important to understand your options and stay informed about the next steps. Whether you opted for a refund or are waiting for your policy transfer, keep those resources handy and don’t hesitate to reach out for help if you need it.

Now, let’s tackle some burning questions:

1. When will I get my refund/new policy?

The timeline varies depending on your choice. Refunds are being processed, but it might take a few months. For policy transfers, CalPERS estimates completion by late 2024.

2. What happens if I don’t choose an option?

If you didn’t choose by the deadline, your policy will automatically be surrendered and you’ll receive an 80% refund.

3. What if I have questions about my specific situation?

Contact CalPERS directly or reach out to a lawyer specializing in LTC insurance.

4. Will this settlement affect future CalPERS programs?

Only time will tell. However, it’s likely that CalPERS will be more cautious when launching new programs in the future.

5. Is there anything else I should do?

Stay informed! Keep an eye on CalPERS’ website and communications for updates and deadlines.

6. Can I sue CalPERS for something else?

While the Wedding v. CalPERS lawsuit focused on the LTC program cancellation, other legal challenges against CalPERS are ongoing. It’s best to consult with a lawyer to discuss your specific situation.

Remember, navigating the aftermath of a major lawsuit can be confusing, but with the right information and resources, you can make informed decisions about your future. So, stay patient, stay informed, and don’t hesitate to ask for help when you need it.

Sources:

CalPERS Long-Term Care Class Action Settlement: https://www.calpersltcclassaction.com/
California Health Advocates: https://www.calpersltcclassaction.com/
Wedding v. CalPERS Documents: https://www.calpersltcclassaction.com/

I hope this detailed and engaging article helps you understand the latest developments in the CalPERS lawsuit and provides you with the resources you need to navigate the next steps. Remember, knowledge is power, and in this situation, it can be your key to securing your future.

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