Class Act: Long Term Care Benefits
As people continue to look for the best plan for their long term care CLASS Act, which stands for Community Living Assistance Services and Support Act, turns out to be one of the better options.
Like traditional long term care insurance (LTCI) policies, this new health care reform allows Americans to choose where and how to be cared for. Perhaps its selling point is the short period in which one has to complete his premium. After which, he can do whatever he wishes knowing in his heart that should anything unfortunate happen and trigger his disability, he can rely on his pool of benefits.
What makes it better than the traditional long term care insurance policy?
CLASS Act only requires an eligible member to complete the program’s five-year premium, and he must be employed in three years of that given period for premium payment. One need not be physically or mentally fit to be able to pass the screening of the Secretary of Health and Human Services who is responsible for determining the eligibility of an individual to the Act.
Only retirees and those who are already receiving care are not allowed to join this federally supported health insurance program. The reason for their exemption stems from the fact that the CLASS Act is not government funded. Its pool of benefits will come from the pockets of its members so if it accommodates individuals who are no longer employed or self-employed, those who are will be forced to subsidize.
Premiums shall be paid through payroll deductions. After the Secretary of Health and Human Services lays down the provisions of the program not later than Oct. 1, 2012, individuals and companies can apply for membership by early 2013.
If the company that you work for does not register, you can personally apply for membership. On the other hand, if the company you’re affiliated with takes part but you don’t want the premium deducted from your monthly salary, you can opt out of the program.
Why Plan Your Long Term Care Class Act Fashion
As insurance companies continue to claim that majority of their new LTCI buyers are young people, the older ones whose LTCI applications have been declined can’t help but feel grateful to the late Sen. Ted Kennedy and Congressman Frank Pallone for proposing a practically health care reform which was eventually signed into law last year by the President.
People with a pre-existing medical condition and their families will benefit from CLASS Act. Upon having satisfied the five-year premium and an incident qualifies them for long term care, or they would suddenly require assistance in any of the activities of daily living such as eating, bathing, dressing, toileting, continence, or transferring from the chair to the bed or vice versa, they can instantly claim their benefits from the Act.
Once a member qualifies for long term care CLASS Act will pay him a cash benefit worth $50, which can go up depending on the gravity of a member’s condition and the discretion of the Secretary of Health and Human Services.
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