Pity the supporters of the CLASS Act, the proposal to create a national long-term care insurance system. They are on to an important idea, but they are caught between the proverbial rock and a hard place. Here's the problem: much of the congressional support for the CLASS Act is based on the Congressional Budget Office estimate that it will generate [...]
The national long-term care insurance program called the CLASS Act will be included in the Senate Democratic leadership health reform bill that is expected to be released within the next day. The decision by Democratic leader Harry Reid to add CLASS to the bill is a huge victory for backers of the measure, which is already in the House-passed bill. However, many [...]
In a Nov. 13 report, Chief Medicare actuary Rick Foster estimates that the CLASS Act--the proposed national long-term care insurance program--faces "a significant risk of failure" because few would buy the coverage, and those who do would likely have high long-term care expenses. This phenomenon, called adverse selection, would drive up the cost of premiums and further discourage healthy people from buying coverage. The study will [...]
I spent today with the New Hampshire legislature's long-term care caucus and a group of stakeholders as they wrestled with the challenges of expanding the state's Medicaid home and community based care program for the elderly and adults with disabilities. Thanks to a kind invitation from State Representative Kate Miller, who chairs the caucus, AARP executive vp John Rother and I were able [...]
John Mills, who cared for his dad for six years, has started a nice new website filled with practical tools and information for caregivers. You can find it at http://www.ecarediary.com/ For those caring for parents, this is one worth checking out.
(I posted this yesterday on my TaxVox blog, but those interested in long-term care may be interested as well) Long-term care insurance has been a model of market failure. The need for care in frail old age or disability seems to be the ideal insurable event. Two-thirds of those over 65 will need some assistance before they die and 20 percent will [...]
It was a good day for supporters of the CLASS Act, the national long-term care insurance program that has been on the edges of the health reform debate. A version of the measure was included in the House Democratic reform bill introduced today by Speaker Nancy Pelosi. The decison all but assures the long-term care proposal will be included in the [...]
Lots of buzz about the Oct. 20 Chapter 11 bankruptcy and sale of Erickson Retirement Communities, one of the nation's premier developers of Continuing Care Retirement Communites. CCRCs are campus-like settings that promise lifetime care for seniors, from independent living to assisted living to nursing home care. These facilities operate on several different business models but Erickson, like many others, requires a hefty, [...]
Elder abuse is one of those issues we prefer to not talk about. And, in truth, there is much we don't know about it. For instance, even the most basic data on how often abuse happens are notoriously unreliable. Yet, we know it occurs. And far too often. Financial scams, sometimes orchestrated by trusted advisers and friends; physical abuse by caregivers; physical abuse of caregivers (I [...]
I spent yesterday morning at a Kaiser Family Foundation panel discussion on the CLASS Act, the national long-term care insurance program being considered as part of health reform. The panelists, who included Senate Health Committee aide Connie Garner and a number of advocates for long-term care reform, were upbeat about the possibility that CLASS will be included in a final health [...]