CLASS Act and Those Already Retired?

[Cenla Agent]

Has anyone seen anything indicating whether or not those who are already retired can pay into the CLASS system and eventually access the benefits?

Almost everything I've seen discusses current employees paying into the system and being able to access benefits after 5 years if need be. I did find one article that indicated that retirees too would be able to pay into the system, but I have no idea how accurate it is since it appeared to be a piece that was produced prior to final passage of the bill.

Thanks.

 

[yankee466]

Has anyone seen anything indicating whether or not those who are already retired can pay into the CLASS system and eventually access the benefits?

Almost everything I've seen discusses current employees paying into the system and being able to access benefits after 5 years if need be. I did find one article that indicated that retirees too would be able to pay into the system, but I have no idea how accurate it is since it appeared to be a piece that was produced prior to final passage of the bill.

Thanks.

It does make it look like employed people only need apply.... but why wait another 2+ years to start to pay into what appears to an overpriced plan that will provide only limited benefits...supported by a carrier ( US government) that will be bankrupt? of course if they take uninsurable people, it makes you wonder how it will all work in the long run. At least the Federal employees can buy a quality LTC plan from John Hancock that goes into effect immediately.

 

[Mr_Ed]

The CLASS Act will not be an option for those who are already disabled (and unable to work) or those who are retired and do not want to work. The law requires that in order to qualify for benefits, one must pay premiums for 5 years AND must be "gainfully employed" for at least 3 of those 5 years.

 

[strawberrytwirl]

There are some people who are against CLASS Act because of its qualification and benefit eligibility issues. Many assume that it would turn out just like Medicaid.

it is stated in the AAHSA website that "Americans who are "actively at work," age 18 and older, and not living at the time in a nursing home (or other institution) will be eligible to enroll. "

Those who are actively at work also includes to part timers and selfemployed. I think this article will help also completelongtermcare.com

 

[Mr_Ed]

There are some people who are against CLASS Act because of its qualification and benefit eligibility issues. Many assume that it would turn out just like Medicaid.

it is stated in the AAHSA website that "Americans who are "actively at work," age 18 and older, and not living at the time in a nursing home (or other institution) will be eligible to enroll. "

Those who are actively at work also includes to part timers and selfemployed.

The CLASS Act may end up being the best thing that ever happened to the LTC insurance industry.