Interesting LTC Information

[GAHEALTH]

Didn't know this but both Health Care form bills includes a provision for automatic enrollment into LTC plans:

Workers' long-term insurance tucked into bills - Health care- msnbc.com

 

[Mr_Ed]

Re: Interesting LTC Article

The aim of the CLASS Act is not to create a new government entitlement program. It will be funded by the premiums of the participants (similar to Medicare Part B). And the $50 per day "average benefit" will only cover a small portion of the $60,000+ per year most Americans pay right now for in-home care. Most people who want to protect their savings will still need to purchase long term care insurance to supplement the CLASS Act benefit.

The biggest problem we face is that most Americans still think that Medicare or their medical insurance covers the cost of long term care. The CLASS Act addresses this problem by making a very clear statement:

You have to pay for your own long term care.

You either have to pay for your own long term care by using your savings, the $50 per day CLASS Act benefit, long term care insurance, or some combination of these three financing options.

Most of the ten million Americans who own long term care insurance own it because they've seen friends or family have to spend down their assets before qualifying for Medicaid. The CLASS Act will help alert the rest of the country to the fact that they need to financially plan for their future long term care needs.

The premiums proposed for the "average $50 per day benefit" of the CLASS Act are quite high compared to private long term care insurance. Even the low end premium guess-timates of $65 per month are high compared to a private LTCi policy for a healthy, married person under the age of 65.

The CLASS Act will be especially good for those who can't qualify for private LTCi.