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'Second Generation' Long'Term-Care Planning
The Obama administration recently reversed course on a major provision of its landmark health care reform law. On Oct. 14, 2011, it was announced by Health and Human Services Secretary Kathleen Sebelius that the CLASS Act (Community Living Assistance Services and Support program) will not be implemented, despite rigorous effort to make it financially viable. CLASS was meant to offer a voluntary, publicly administered long'term-care insurance program that would allow elderly and disabled individuals needing care to stay at home and not move into a nursing home facility. The architect of the plan, Sen. Edward Kennedy, envisioned a social insurance program that would have workers pay into a fund during their healthy, working years in order to qualify for an insurance payout should they became disabled in the future. Ultimately, the CLASS Act was scrapped due to fears that the program could not be made fiscally solvent.
The death knell of this program is a setback for employers who were anticipating this program as a turnkey way to introduce long'term-care planning to employees. Most prudent employers recognize that unless employees are working privately with a financial adviser this insurance gap may not be addressed, leaving employees and their assets vulnerable.
In the absence of the implementation of the CLASS Act, employers who have not done so already might want to consider offering a private long'term-care insurance plan with an enrollment strategy that touches on paying for and planning for long-term care. History has taught us that while addressing how to pay for care is a necessity, having a formal care plan is just as important. When educating employees about long'term-care planning as a part of their comprehensive insurance coverage, it is helpful to expose them to professionals who can help design a plan, including geriatric care managers who can address designing and implementing a care plan as well as elder law attorneys to discuss documents that address health care preferences.
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