Obama’s CLASS ACT is no more
People who make it to 65 have about a 2 in 3 chance of one day needing help with some tasks of daily living, either from a home health care worker, or nursing facility or an assisted living facility.
Nursing care costs can be substantial, and in Colorado can range from $60,000 to $84,000 annually. A stay in a nursing facility can be thus very expensive and wreck havoc on an estate. This will hit baby boomers hard, with less than 3% of Americans have private long-term care policies.
President Obama’s response was the CLASS Act, which was a law intending to have created a long term care insurance program. The law was supposed to be self funded within 75 years, but the Obama administration was not able to figure out how to make the financing work. So a short time ago, his administration gave up trying.
