California policymakers have paid a consulting firm to tell it how much setting up an attractive public long-term care benefits program might cost.
The California Long Term Care Insurance Task Force has developed a list of five possible LTC benefits programs, and it has hired Oliver Wyman to study each proposal's finances.
The state would use a payroll tax to pay for a new LTC benefits program.
The task force expects Oliver Wyman to report back by Jan. 1, 2024. California lawmakers would then decide whether to implement an LTC program.
What It Means
States continue to worry about the LTC cost freight train heading toward your aging clients.
Policymakers have noticed the startup problems at the Washington state public LTC benefits program, but some still hope that states can find a way to help.
The Task Force
The California Department of Insurance formed the LTC task force to implement Assembly Bill 567.
