Health Care Reform and LTC: CLASS Act Information

In March 2010, President Obama signed into law the health care reform bill, which includes the Community Living and Assistance Service and Supports ACT (CLASS Act). Complete details of the program must still be developed and it will most likely be another 2 years before the program is in effect. But here are is some information that is available:

  • The CLASS Act creates a voluntary government program under which participants who choose to pay a monthly premium will receive coverage for long term care. It is primarily designed to provide assistance to the working disabled and premiums are paid on a voluntary basis not by the tax payers.
  • Enrollees are offered coverage through their employers and will be automatically covered unless they opt out.
  • The CLASS Act is not designed to replace private long term care insurance.
  • It could be 8 years before those who choose to enroll in the CLASS Program become eligible to receive benefits. Therefore, if you are considering buying long term care insurance now, you should. Under the CLASS Program you are required to be employed, there will be limited benefits and there is a minimum of 5 years long you must pay premiums.

Our take on the CLASS Act is this is another way for the Government to raise awareness!

 

 

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