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[August 6, 1996]
The University of California's Employee Benefits Plan Administration has announced that UC will not sponsor a long-term care insurance plan at this time.
In April, UC Benefits requested proposals for long-term care insurance from fifteen vendors; three vendors submitted proposals. After extensive review by UC Benefits staff, a UC advisory group, and an outside project consultant, the general consensus was that a plan could not be offered which would be price-competitive in the current marketplace as well as responsive to the needs of the University community.
To assist employees and annuitants, UC Benefits will publish general guidelines to consider when reviewing the various options for the direct purchase of their long-term care insurance.
If there are significant marketplace changes in the future, UC Benefits will revisit the possibility of offering this coverage.