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Health Care Reform Class Act

Karey Meek-Anderson Paul Davis. Health Care Reform Class Act. Class Act. Health Care Reform -lots of changes, lots of choices Be informed. Class Act. Health Care Reform Patient Protection & Affordable Care Act Community Living Assistance Services & Supports (CLASS Act). Class Act.

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Health Care Reform Class Act

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  1. Karey Meek-Anderson Paul Davis Health Care ReformClass Act

  2. Class Act Health Care Reform -lots of changes, lots of choices Be informed

  3. Class Act Health Care Reform Patient Protection & Affordable Care Act Community Living Assistance Services & Supports (CLASS Act)

  4. Class Act What is Long-Term Care? Activities of Daily Living: ~Eating~Bathing~Dressing ~Toileting~Continence~Transferring Severe Cognitive Impairment Need for assistance for at least 90 days

  5. Class Act What is the Class Act? Voluntary, guarantee issued, government program that allows premium-paying participants to receive monetary assistance for long term care services.

  6. Class Act Who’s Eligible? *at least 18 yrs old *receive wages that are eligible for SS tax *actively at work (at least 3 of 5 premium yrs) *not confined in hospital, NH, receiving Medicaid or have mental disabilities *not in jail

  7. Class Act Law in effect Jan. 1, 2011 HHS set plan/premiums by Oct. 2012 Fully operational after 1/1/2013 Pay premiums 5 yrs before benefits payable Actively at work 3 of those 5 yrs

  8. Class Act What’s the cost? Not yet determined but… The Chief Actuary of CMS says to be 75 yrs solvent, the premiums could be around $240/month. Low income and students premium will be around $5/month.

  9. Class Act Benefits: Not yet determined but, at first glance- Up to $50/day cash depending on severity of the impairment. Premiums are payroll deducted and deposited into an account, for 5 yrs, that can be drawn out once eligible for benefits.

  10. Choices The good news…You can do better! ~Better premiums ~Stronger benefits ~Tax free benefits ~Tax deductibility of premiums ~Act today, don’t have to wait

  11. Realities • Average costs in Iowa: • Nursing Home - $170/day ($60k + /yr) • Assisted Living - $3k /mo • Home Health Care - $30 /hr • RN or Physical Therapist - >$60 /hr

  12. Realities • Who is buying? • Under 35 12% • 35-44 24% • 45-54 36% • 55-64 23% • 65-74 4.5% Survey conducted by American Association for Long-term Care Insurance

  13. Realities • Length of Benefit? • 2 yrs 3% • 3 yrs 27% • 4 yrs 1% • 5 yrs 61% • 6-10 yrs 6% • Lifetime 2% Survey conducted by American Association for Long-term Care Insurance

  14. Realities • Daily Benefit Amount? • <$99 9% • $100 - $149 33% • $150 - $199 25% • $200 or more 33% Survey conducted by American Association for Long-term Care Insurance

  15. Realities • Claims Paid To: • Men 45% • Women 55% • Claims Paid For: • Home Care 53% • Assisted Living 11% • Nursing Home 36% Survey conducted by American Association for Long-term Care Insurance

  16. Realities • 2008 Average Monthly Premium by age band Survey conducted by American Association for Long-term Care Insurance

  17. In Closing Productivity Insurance Lifestyle Insurance Tax Deductible Tax Free Benefits Class out

  18. Thank you for your time Any Questions? Any Comments?

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