Long Term Care Guild

CLASS Act may create a false assurance our seniors are safely protected for Long Term Care events

Long-term care policies will help Americans remain in their homes into old age, and they won't have to exhaust their assets to receive help under Medicaid. The worry is that too many younger people will opt out of coverage, which could send the program into an "insurance death spiral" where premiums become so expensive that the only people who pay for coverage are those who need it.

A more immediate concern is the financing. Because estimates of the program's costs are based on a 10-year projection, and enrollees would have to pay premiums for five years before tapping benefits, the program appears to generate $72.5 billion in savings in its first 10 years. Those savings are partially illusory and yet are used to offset other aspects of health reform spending. The costs and viability of long-term health insurance have to be analyzed more honestly.

read the entire article here As health reform nears.

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