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California's "Public Employees' Long-Term Care Act," as passed in 1990 and amended in 1996, led to CalPERS' administering a Long-Term Care Program for "California public employees and retirees, as well as their spouses, parents, parents-in-law, adult children and adult siblings between the ages of 18 and 79."
CSU-ERFSA was instrumental in working with the Public Employees Retirement System (CalPERS) to establish the CalPERS Long-Term Care Insurance Program. Several features of the program including its flexibility, consumer protection standards, and the California Partnership option were influenced by CSU-ERFSA.
The costs of the program are covered by contributions to the State Fund in the form of SDI tax paid by employees, optionally by employers. Employee contributions to the state fund are deductible as state taxes. [2] The table below summarizes the contribution rates, taxable wage limits and maximum withholdings per employee since 1996:
While long-term care insurance offers many benefits, it's important to consider its potential downsides: 1. High Costs: Long-term care insurance premiums can be expensive, varying based on age ...
Family members can get paid to be caregivers for their elderly parents through Medicaid, VA benefits, long-term care insurance policies, and caregiver agreements. Family caregivers often face ...
Long-term care insurance can help protect your nest egg from the potentially high costs of long-term care. Policy benefits may be tax-deductible and increase to counter inflation and premiums may ...
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