According to the Elder Economic Security Standard™ Index, home and community-based long-term care costs can double, or in some cases even triple, an elder’s total expenses. In Connecticut, for example, a single elder without a mortgage needs $21,685 a year to make ends meet if they are in good health. However, if they need a just medium level of LTC support (16 hours a week) their annual expenses increase to $41,680.
The CLASS Act would help today’s workers afford to age in place and set up a national insurance program financed by voluntary payroll deductions for anyone who is 18 or older and working. Workers can then use the money saved when needed in their older years. This proposed legislation promotes choice and independence in a fiscally responsible way and is a solid next step toward addressing the challenge of making long-term care both affordable and accessible.