A Quick Look at Class Act
Article by Felicia Michaels
More and more people are becoming interested in availing long term care (LTC) insurance. While a lot of them can avail of the service, there is still a great percentage who can’t afford it. But thanks to the Class Act, Americans having troubles in the costs of LTC policies can now benefit from less-costly federal insurance program.
In a Fact Sheet made by Rogers and Komisar (2003), they have reported that in the year 2000, an estimated 10 million Americans needed long term care. In this same Fact Sheet published by Georgetown University Press is the demographics and percentage of people in need of LTC. The elderly are the ones who usually need it. There is approximately 63% of the population that is aged 65 and older. The fact that the need for this insurance is not really dependent on age is proven with the following stats. About 3.7 million are aged 64 years and younger and they too had the need for long term care plans.
Prior to this study, in 1999, a study conducted by the The Henry J. Kaiser Foundation revealed that 40% of the older population with long term care needs are poor or nearly poor. These are people with income below 150% of the federal poverty level.
The number of Americans inflicted with chronic diseases and affected by disabling conditions continues to grow. Parkinson’s disease, dementia, Alzheimer’s, and the effects of stroke are usually the reasons why they cannot perform the activities of daily living (ADL). Some of them also endure injuries that hinder them from doing basic grooming, dressing, feeding, walking or transporting.
The Class Act aims to provide affordable health care particularly long term care support for those who lack the financial capability of availing LTC insurance. This includes home care, adult day care, or nursing home care. As a voluntary and publicly administered insurance program, it can help Americans prepare for health risks or problems that may disable them. As early as 18 years old, a working adult can already begin paying premiums and making contributions. Not like in other health insurances, this program will not exclude anyone on the basis of their health or pre-existing health conditions.
However, there are also eligibility criteria that will determine if one is qualified in the program. A person should have paid premiums for five years before he can claim the benefits under Class. Active employment is also a determining factor, for an individual must have been employed and have received income for at least three of the first five years of his participation in Class.
While some are still doubtful of the ability of the Class Act, some have already become hopeful on its implementation. Many Americans are now optimistic that the program can help in raising awareness about the many issues surrounding long-term health care. It can also play a significant role in encouraging people to prepare for the future for the risk of needing long term care can really be costly.
About the Author
Felicia Michaels is a web writer who has written volumes of articles for various industries. She is a wide reader and a patient researcher. Her articles are products of research and her industry experience. Learn more about Class Act . Understand long term care insurance premiums and get reliable long term care information.
