KIRKLAND, Wash. (CitizenWire) — Many Americans seem confused and immobilized by a key part of the recent Health Reform legislation, the CLASS Act, which will offer a form of long term care insurance for working people and others who may become disabled. “CLASS” stands for Community Living Assistance Services and Supports; and the program, a legacy of the late Senator Edward Kennedy, is intended to offer new choice and security for millions now at risk. But, “we find that the public doesn’t know how to react,” says Denise Gott, Chairman of the Board of LTC Financial Partners LLC (LTCFP), one of the nation’s most experienced long term care insurance agencies.
“On one hand,” says Gott, “many people hope the CLASS Act can take care of their long term care insurance needs. On the other hand, they’re not sure. They wonder if private LTC insurance may be better for them in their particular situation. They’re conflicted and stymied.”
To help clarify the matter, Gott’s organization developed and will soon publish the 2010 Long Term Care Guide, a special report that includes a Healthcare Reform Update. “We think it will answer the top questions on people’s minds,” says Gott.
These questions include:
* If the CLASS Act program doesn’t become operational until 2012 or 2013, what are the risks of waiting until then to decide between that and private long term care insurance?
* With the public plan, I hear people will need to pay premiums for 5 years before becoming eligible for benefits; how does this compare with private LTC insurance?
* How much are long term care services likely to cost should I need them; and will the public plan pay enough benefits to cover all those costs?
* If I get a private LTC policy now, could I later decide to enroll in the public plan as well, for extended benefits?
Such questions cry out for answers now, Gott asserts. “Millions will be automatically enrolled in the public plan, with payroll deductions, unless they decide to opt out; but that decision requires knowledge.”
Expected to be available in print by June, the 2010 Long Term Care Guide will be an insert in a revised edition of Dignity for Life – Five Things You Should Know Before Considering Long Term Care Insurance. In digital form, the special report is available now at no cost at http://www.ltcfp.us/long-term-care-guide/ .
LTCFP and LTC Hotline are sponsors of the “3 in 4 Need More” campaign — www.3in4needmore.com — which seeks to inform the public that “at least 70 percent of people over age 65 will require some long-term care services at some point in their lives,” according to the U.S. Department of Health and Human Services.