A Sept. 19 Wall Street Journal article details a new long-term care insurance option signed into law as part of the healthcare reform package last March.
The program – Community Living Assistance Services and Support, or CLASS Act -- is a voluntary, self-funded insurance program designed to provide a lifetime cash benefit that offers people with disabilities some protection against the costs of paying for long term services.
Details of the plan are still being worked out, but currently the Act calls for a benefit of between $50-$75 per day, payable when a covered individual experiences a loss of at least two Activities of Daily Living (ADL) or has a severe cognitive impairment. No one can be turned away for coverage as long as they meet eligibility requirements.
According to the Journal, the monthly benefit can be used for home-based services, technology and home retrofitting, respite care, assisted living and nursing-home care. No medical underwriting will be required and there will be no lifetime benefit limits. Monthly premiums are estimated to average $123, or about $1,500 a year. HHS is expected to set regulations by October 2012, according to the Journal.
NAIFA members: Check NAIFA’s site for regular flyers featuring information and updates on the new national health insurance law – what it means for you and your clients.
The program – Community Living Assistance Services and Support, or CLASS Act -- is a voluntary, self-funded insurance program designed to provide a lifetime cash benefit that offers people with disabilities some protection against the costs of paying for long term services.
Details of the plan are still being worked out, but currently the Act calls for a benefit of between $50-$75 per day, payable when a covered individual experiences a loss of at least two Activities of Daily Living (ADL) or has a severe cognitive impairment. No one can be turned away for coverage as long as they meet eligibility requirements.
According to the Journal, the monthly benefit can be used for home-based services, technology and home retrofitting, respite care, assisted living and nursing-home care. No medical underwriting will be required and there will be no lifetime benefit limits. Monthly premiums are estimated to average $123, or about $1,500 a year. HHS is expected to set regulations by October 2012, according to the Journal.
NAIFA members: Check NAIFA’s site for regular flyers featuring information and updates on the new national health insurance law – what it means for you and your clients.