Commonground
Senior Moderator
March 26, 2010
The Class Act, otherwise known as the Community Living Assistance Services and Support Act, is the federal government's first long-term care insurance program.
Under-reported and the under the radar of most lawmakers, the program will allow workers to have an average of roughly $150 or $240 a month, based on age and salary, automatically deducted from their paycheck to save for long-term care.
-snip-
Scheduled to go into effect in January, actual deductions could take place in 2012.
Here's how the program will work:
-- The federal government will approach employers next year about alerting workers to the proposed deduction.
-- The deduction will work on a sliding scale based on age. Younger workers will be charged less, older workers more. The Congressional Budget Office pegged the average monthly deduction at $146. The Centers for Medicare and Medicaid Services put it higher, at $240.
-- After a five-year vesting period, enrollees who need help bathing, eating or dressing will be eligible to take out benefits, estimated to be around $75 a day for in-home care.
-snip-
Supporters and detractors admit much needs to be worked out, and eventually premiums will be based on how many Americans actually sign up for the insurance. [you can opt out]
http://www.foxnews.com/politics/201...lth-care-provision-budget-buster-say-critics/
The Class Act, otherwise known as the Community Living Assistance Services and Support Act, is the federal government's first long-term care insurance program.
Under-reported and the under the radar of most lawmakers, the program will allow workers to have an average of roughly $150 or $240 a month, based on age and salary, automatically deducted from their paycheck to save for long-term care.
-snip-
Scheduled to go into effect in January, actual deductions could take place in 2012.
Here's how the program will work:
-- The federal government will approach employers next year about alerting workers to the proposed deduction.
-- The deduction will work on a sliding scale based on age. Younger workers will be charged less, older workers more. The Congressional Budget Office pegged the average monthly deduction at $146. The Centers for Medicare and Medicaid Services put it higher, at $240.
-- After a five-year vesting period, enrollees who need help bathing, eating or dressing will be eligible to take out benefits, estimated to be around $75 a day for in-home care.
-snip-
Supporters and detractors admit much needs to be worked out, and eventually premiums will be based on how many Americans actually sign up for the insurance. [you can opt out]
http://www.foxnews.com/politics/201...lth-care-provision-budget-buster-say-critics/