Eileen J. Tell, senior vice president of Univita Health, educated conference attendees Sunday on the CLASS Act, including implications for the private market.
CLASS (Community Living Assistance Services and Supports) is a government-offered, voluntary, privately financed long-term-care insurance program created under the Affordable Care Act. The program is intended for working adults age 18 and older that meet eligibility requirements.
Tell said it is not yet clear when CLASS will be available, as the U.S. Department of Health and Human Services has until Oct. 1, 2012 to finalize specifics of the benefit plan.
According to Tell, some of the biggest concerns regarding CLASS include competitive premiums; encouraging the industry to complement coverage, rather than compete against it; gaining affinity with employee sponsors; and significant marketing challenges.
In the short run, Tell said CLASS may stall market growth during the “wait and see” period pending the program launch, which likely will occur in 2014.