Jesse Slome with the AALTCI (American Association for Long Term Care Insurance) sorts through another article on the dilemmas with the CLASS Act (the Federal Long Term Care program within the healthcare reform bill). Congress only now seems concerned that this will not be solvent, but there were internal emails that voiced that early on.
Those of us in the industry saw the “train wreck” coming. How do you offer long term care insurance to everyone, when currently only 8% of people hold this type of coverage? Guess who you get? The people who were too sick to qualify for traditional long term care insurance (LTCi)! I don’t blame them. Once you understand what choices the coverage can offer – you want to make sure you have these options available to you or your family.
The bigger questions are what worry me more…….How do we solve the rapidly approaching issues facing an aging population? How will we care for all of them? What if they aren’t caring for themselves – should we take care of them later? What part is your personal responsibility and what is the role of government? These are just a few of the difficult questions that are being asked. Add to this a weak economy – and it seems we have many solid questions – but answers that stand on shaky ground.
MgBoals & Associates, LLC will keep you posted as issues emerge with the CLASS Act.