There’s a great article on CBS Money Watch entitled, “What Health Reform Doesn’t Cover:  Long-Term Care for the Elderly”.

One of the biggest misconceptions about the CLASS Act (Community Living Assistance Services and Support Act) is that “it will help the elderly receive care at home.”

But, the CLASS Act legislation requires that you must pay premiums for 5 years AND must be working for at least 3 of those 5 years in order to be “vested” and eligible to make a claim.

Therefore, the CLASS Act will not be an option for those who are already disabled (and unable to work),  those who are retired or those who choose not to work.

The real message of the CLASS Act is that the government is trying to get out of paying for long-term care.

Fortunately, there’s good news.  This article notes that ten of the leading long-term care insurers are currently paying over $4 billion in long-term care claims every year.

(That’s an increase of more than 53% over 2007.)

Each year, the industry as a whole is incurring over $10 billion in claims.