Our in-depth analysis looks at the past, present, and future of Long Term Care entitlements in the United States.
Anyone shopping for Long Term Care Insurance should know the ramifications of future events on a decision as large as taking out a Long Term Care policy.
Public policy and your private decision to buy an insurance policy are interrelated, and it can feel like a complicated situation. Consumers weigh the purchase of Long Term Care Insurance on several factors specific to their own situation.
Specific, personal factors to be considered:
Meta-factors: Macroeconomic and public policy factors to be considered:
In this analysis, our goal is to examine past, present, and future efforts at health reform in the United States and how decisions made may affect your decision to buy a Long Term Care Insurance policy.
The Law of the Land: The Affordable Care Act passed by Congress and signed into law by President Obama on March 24, 2010. An important provision in the funding of the Act was a program championed by the late Senator Ted Kennedy, called the CLASS Act. According to the CBO, the CLASS Act portion of the health reform measure was responsible for $83 billion in savings for the government between premium collections from 2012 to 2021 and in addition a $2 billion savings in Medicaid payments. It's obvious given these facts why any congressman felt better voting for the Affordable Care Act.
On October 14, 2011 the CLASS Act was effectively removed from law, and the introduction of S. 720 to the congress was the final measure for ending the program. Tens of thousands of Americans who had been hoping for government-sanctioned efforts at funding Long Term Care found themselves back at the drawing board.
A common question we get is whether or not the government will come to the rescue again. With the magnitude of the crisis related to Long Term Care coming, it's hard to imagine a government solution.