The CLASS Act is better than traditional long-term care insurance in the following way:
Your health history cannot prevent you from enrolling.
That is a big advantage for anyone with severe health problems, like Parkinson’s, Multiple Sclerosis, severe obesity, and other debilitating illnesses.
Anyone who has a severe, chronic illness that might prevent them from qualifying for traditional long-term care insurance can enroll in the CLASS Act program (provided they are healthy enough to be able to work.)
The other advantage of the CLASS Act is that it is backed by the federal government. But, the legislation requires the program to be actuarially sound. Therefore, the Secretary of Health and Human Services is required, by law, to do whatever is necessary to maintain the solvency of the program, including lowering benefits and/or increasing premiums.