As is the case with many Government programs, the Community Living Assistance Services and Supports Act (CLASS) looked good on paper. The CLASS Act was structured to help offset the costs incurred by millions of adults needing long-term care. The program had the potential to reduce reliance on Medicaid and provide relief for family caregivers. So what was the problem that resulted in the CLASS Act being killed?
According to Health Secretary Kathleen Sebelius, an analysis of the numbers indicated that the program was simply not economically viable. Critics were also concerned that eventually, the majority of people covered by coverage provided through the CLASS act would be those who were too sick to get private coverage.
With an estimated 15 million Americans needing some form of long-term care by 2020, it’s clear that Americans need to seriously plan ahead for paying for long-term care. Ask your financial advisor for advice or seek the services of a long-term care planning and insurance expert.
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