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'Second Generation' Long'Term-Care Planning

By Kim Natovitz

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.

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