Thanks to the hard work of elder advocates across the country, the Community Living Assistance Services & Supports (CLASS) became law after a decade long health care reform effort which culminated on Tuesday when the President signed the bill.
The provisions of the CLASS Act set up a voluntary long-term care insurance program in 2011 that will provide workers with an opportunity to save for their chronic health needs through monthly payroll deductions. The program will help those with significant functional disabilities afford services and supports in the community. As shown by the Elder Economic Security Standard™ Index (Elder Index), an elder’s long-term care costs can double or even triple what they need to make ends meet. The long-term care insurance program provides an option to assist in curbing these high costs for its participants.
Watch the Urban Institute’s “Implementation Health Care Reform” video for more information on the other components of the legislation.