Abandonment of the Affordable Care Acts's long term care provision leaves a big whole in its funding. (CLASS Act)

1. The Health Care Law Lacks CLASS
Abandonment of the ACA’s long-term care provision leaves us with a patchwork,
inadequate way to fund long-term care in the U.S.
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2.  A recent Reuters article covers the decision by the Department
of Health and Human Services (HHS) to pull the plug on the
portion of the ACA known as CLASS ( ). This leaves
unanswered the questions regarding long-term care and how to
pay for it, a serious hole in the United States’ system of elder
care.
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LAW OFFICE OF DAVID PARKER BLOG
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3.  The CLASS act was America’s first attempt to establish a
“public option” for long-term care. Medicare, as many
know, does not provide much in the way of long-term care
coverage. Politics certainly helped to torpedo this effort to help
in the provision of elder care, but the real culprit is a lack of
money. According to HHS, the program would prove too costly
to run, because participation is voluntary and too few healthy
people would choose to pay the required premiums.
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LAW OFFICE OF DAVID PARKER BLOG
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4.  The Center for Retirement Research at Boston College notes
that about one-third of the Americans turning 65 this year will
need at least three months of nursing home care sometime
during their lives. Many of them will require longer care, due to
afflictions such as dementia. This can represent a serious
financial strain for many families, creating issues in NY estate
planning and New York asset protection. The CLASS act might
have alleviated much of that, but this development throws
things right back into the laps of families and individuals.
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LAW OFFICE OF DAVID PARKER BLOG
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5.  For many, private long-term care insurance is a way to bridge
this gap, but surveys show that as many as 59% of people with
potential long-term care issues don’t have this insurance.
Medicaid does cover long-term care in many cases, but as this
program is means tested, it provides no real solutions in terms
of asset protection, at least not without considerable foresight
on the part of the family.
 Whatever you decide to do about long-term care needs in your
family, the best time to act is yesterday. Be sure to seek
appropriate legal counsel no matter what you do.
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LAW OFFICE OF DAVID PARKER BLOG
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6. Law Office of David Parker
Estate Planning and Elder Law
 www.parkertrustlaw.com