The Community Living Assistance Services and Supports (CLASS) Act was a provision in the 2010 health care reform act (Public Law 111-148) that was supposed to provide an average benefit of $50 a day depending on the level of impairment with a lifetime (unlimited) benefit period. This benefit would grow each year based on Urban …
Dec 20
Long-Term Care Insurance Tax Deduction for Greater Than 2% Shareholders of S-Corporations
For those who have wondered how the long-term care insurance self-employed tax deduction works for owners of S-Corporations, this straightforward explanation clears it up.
Nov 02
CLASS FINALLY DISMISSED
The future of the Community Living Assistance Services and Supports program came into question when its chief actuary resigned and its staff was reassigned in recent weeks (Best’s News Service, Sept. 23, 2011). Also, the Senate Appropriations Committee did not provide the program with any funding in a fiscal year 2012 spending plan advanced Sept. …
Sep 22
The CLASS Act (YES, You Still Need Long‐Term Care Insurance!!)
The Community Living Assistance Services and Supports (CLASS) Act is a provision in Section 8002 of the new health care reform bill (The Patient Protection and Affordable Care Act, Public Law 111‐148) enacted March 23, 2010. The CLASS Act is supposed to provide a small cash benefit of an average of $50 a day with a lifetime benefit period depending on the level of impairment. For example, needing help with four Activities of Daily Living vs. two would result in an increased benefit. This benefit is guaranteed issue and is designed to help people with limitations stay in the community instead of going to a nursing home. The program is supposed to be funded solely by premiums paid by employees who do not opt out via payroll deductions by the employers who choose to participate.
Sep 19
LTCI Tax Incentives for Employer-Sponsored Plans
Many employers are deciding it is more cost effective to contribute to the premium for a worksite LTCI plan rather than incurring costs due to caregiver absences and distractions.
Sep 03
Consumer Protections in Today’s Long-Term Care Insurance Policies
There are many protections for consumers in today’s long-term care insurance policies.
Aug 23
The Impact of Long-Term Care on the Employer
Many employers have come to recognize that long-term care insurance can be “productivity insurance.”
Jul 16
How to Determine the Value of LTC Insurance After Rate Increases
The premium she has paid over 11 years would only pay for a couple of months of daily home care or nursing home care at current costs or four months in an assisted living facility.
May 29
The Balancing Act
Phyllis Shelton was a guest on Lifetime Television’s “The Balancing Act” to talk about how caregiving without the help of long term care insurance can crush the dreams of millions of American women, emotionally and financially.
May 24
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