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Health Care Reform Class Act - PowerPoint Presentation

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HEALTH CARE REFORM
CLASS ACT
          Karey Meek-Anderson
          Paul Davis
    Class Act
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    Health Care Reform
      -lots of changes, lots of choices

    Be informed
    Class Act
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    Health Care Reform

    Patient Protection & Affordable Care Act

    Community Living Assistance Services & Supports
      (CLASS Act)
    Class Act
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    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
    Class Act
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    What is the Class Act?
    Voluntary, guarantee issued, government program
      that allows premium-paying participants to receive
      monetary assistance for long term care services.
    Class Act
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    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
    Class Act
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    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
    Class Act
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    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.
    Class Act
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    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.
     Choices
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     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
     Realities
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        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
     Realities
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        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
     Realities
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        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
     Realities
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        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
     Realities
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        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
     Realities
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        2008 Average Monthly Premium by age band


                          Low            Average   High
            35-44         $19            $36       $54
            45-54         $36            $58       $82
            55-64         $63            $93       $117
            65 +          $127           $160      $211




     Survey conducted by American Association
     for Long-term Care Insurance
     In Closing
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     Productivity Insurance
     Lifestyle Insurance
     Tax Deductible
     Tax Free Benefits
     Class out
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     Thank you for your time
            Any Questions?
            Any Comments?

				
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