Health & Fitness
CLASS Dismissed?
The future of the federal long term care plan is in doubt after official's resignation.
The Community Living Assistance Services and Supports (AKA "Class") program, created under President Obama's health care law as a voluntary long term care insurance program for workers, is in trouble.
The abrupt resignation of Bob Yee, chief actuary of the CLASS office, coupled with the eight people on the program staff being reassigned leads one to question whether the program, slated to begin in 2013, will be implemented at all.
As a broker who has earned CLTC certification, I personally don't feel this is an impact piece of legislation, regardless.
Find out what's happening in Niles-Morton Grovefor free with the latest updates from Patch.
First of all, employees would be paying approximately $100/month, for five full years before any benefits could be accessed. The benefits would only pay up to $50/day for homecare and other long term care services.
To me, that is woefully inadequate to realistically and satisfactorily cover this type of care.
Find out what's happening in Niles-Morton Grovefor free with the latest updates from Patch.
This program is strictly voluntary and there is currently no other solution on the table right now to solve the crisis of paying for long term care services and supports with the exception of actually purchasing a Long Term Care Insurance Policy.
These policies can be confusing with a lot of options and variables. However, having insurance (risk sharing) can reduce the need to set aside a large amount of retirement savings for the possibility of a significant long term care need.
As usual, any questions on topics such as these would be welcome and promptly responded to. I can be reached currently at 312-335-0063 until this coming December when I relocate to Niles, my hometown.
I would like to give a shoutout to Guy Battista @ G & L Contractors, for the wonderful work his team of professionals did on my patio. The concrete "stamp" method really makes a statement.
Lastly, if there are some residents who aren't fully aware as yet, the Village of Niles has incredible professionals handling "new" residents, like myself. From the various inspectors to the office staff, our Village runs a tight ship that we all should be proud of. Until next time...
Glenn
