(CA License No: 0H45598)
“The best way to predict the future is to create it.” — Peter Drucker
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INSURANCE NEWS YOU CAN USE…NOW!
Navigating the Changes in the Long-Term Care Insurance Industry
The landscape of long-term care insurance is undergoing significant changes as prices across carriers increase and standalone policies become increasingly rare. This shift marks a major transition for a product that has been a staple since its introduction in the 1970s.
Long-term care insurance is designed to cover services and support for individuals who need assistance with daily activities such as bathing, dressing, or eating due to chronic illness, disability, or aging. Coverage options include nursing home care, in-home care, and assisted-living centers. It gained popularity among the Baby Boomer generation, who saw it as a means to protect their assets without relying on Medicaid—a state-federal program known for its limited choices and restrictions.
However, according to an article in the New York Times titled “Why Long-Term Care Insurance Falls Short for So Many,” the industry faced challenges due to miscalculations. Insurers initially underestimated the extent to which policyholders would utilize their coverage, the length of time they would require care, and the overall costs associated with such care. These factors have contributed to financial strain on insurers, leading to rising premiums and a reduction in the availability of standalone policies.
Despite these changes, for policyholders who already hold a long-term care policy, maintaining this coverage remains highly valuable. Such policies protect assets, alleviate financial and emotional stress for families, and provide individuals with greater control over their healthcare decisions.
Club Retiree Specialists are available to assist Members with their long-term care insurance questions and needs. Members can reach out for support by calling (800) 464-0452, option 4.
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For Retirees or Those About to Retire
The Club is here to guide you through the retirement process every step of the way!
If you plan to retire soon or are newly Retired, you have access to attend a retirement planning party with Club Retiree Specialist Counselors that will set you up for success in retirement.
We will be reviewing topics including pension deduction, Retiree Life Insurance, Retiree Legal Insurance, the Club’s Retiree Mentorship Program, our Retiree Recognition Awards, and other valuable Club benefits.
The Club strives to make your transfer from active to Retired as easy as possible by guiding you through the processes; educating you on new, important topics; and welcoming you to our Club Retiree Community.
Date: Last Thursday of each month RSVP today!
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It’s time to check in, Club Retirees, to make sure you’re taking advantage of all the Club offers!
1. Are you on pension deductions for your Club Membership and insurances?
If you are not, please call (800) 464-0452 or email help@employeesclub.com and let us know that you are a Retiree and need to complete a pension form.
2. Do you have Life Insurance for you and your spouse so that your loved ones are protected in the future?
- A life insurance policy can provide an income for your spouse as they wait for your retirement benefits to transfer; cover funeral and burial expenses; and provide for any loved ones who rely on your income.
- Coverage is available for Members, spouses, and dependent children.
- Benefits range from $10,000 to $50,000.
3. Have you received your retirement plaque from the Club?
The Club wants to recognize and acknowledge the hard work and dedication you put in each day to make our City and state better places to live and work.
It doesn’t matter if you have been Retired for some time, newly Retired, or plan to retire soon, Retired Club Members are eligible to take part in the Club’s Retirement Ceremony, where you’ll be presented with a customized Club Retirement Plaque as we pay tribute to your career.
We will also feature you in Alive! for your friends, coworkers and family to celebrate. Begin the process by emailing help@employeesclub.com and let us know you would like a retirement plaque and a Club representative will get the process started for you! (You have to have been a Club Member for at least five continuous years to be eligible.)
Questions? Don’t hesitate to contact our Retiree specialists at
info@employeesclub.com • or (800) 464-0452
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LACEA Insurance Services, Inc. (Employees Club of California) is a licensed insurance agency offering insurance benefits to qualified Club members. The Club’s CA DOI Lic. is #0B98000.
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Resources for Club Retirees or Those About to Retire
2024 EventsLARFPA Sept. 4 Reservation information: LARFPA: |
Contact InformationEmployees Club of California LA City Employees’ Retirement System (LACERS) (City Dept.) LADWP Retirees Association Fire and Police Pensions (City Dept.) LA Retired Fire and Police Association (LARFPA) Retired Los Angeles City Employees, Inc. (RLACEI) |