Below is a summary of the portion of the healthcare reform law, known as the “CLASS Act”. C.L.A.S.S. stands for: Community Living Assistance Services and Support Act. Who can enroll in the CLASS Act? Anyone who is working can enroll, even the...
Why are the CLASS Act premiums projected to be so much higher than traditional long-term care insurance? The Healthcare Reform bill (PPACA) requires that the CLASS Act program be actuarially sound and not funded by taxes. All benefits must be paid from the premiums...
There are three big disadvantages to the CLASS Act when compared with a traditional long-term care insurance policy. #1) A small Benefit amount: The healthcare reform bill states that the CLASS Act benefit is to be no less than: an “average of $50 per...
The Community Living Assistance Services and Support Act (aka CLASS Act) is a voluntary, pre-funded, long-term care program that will be administered by the federal government. It was included as part of the healthcare reform bill (PPACA-Patient Protection and...
In a previous article, I made the statement: “You can probably get better benefits for less premium if you purchase your own long-term care policy rather than enrolling in a group long-term care policy.” There are 2 main reasons: Individually-purchased...