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After the Class Act?

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Smart Money Magazine has an excellent article on the issues left on the table for employers after the demise of the Community Living Assistance Services and Supports (CLASS) program. With nursing home costs in excess of $250,000 for many long-term care patients, paying for care is wiping out savings and retirement plans.

The CLASS ACt was part of the health-reform law. It established a national, voluntary insurance program for purchasing community living services. The bill was designed to expand options for people ...

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Ask Those Who Know

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Employees who have experience providing long-term care know what it means to plan ahead.

A study released by Northwestern Mutual Life Insurance Company found that nearly eight out of ten Americans acknowledge the need for long term care (LTC) planning, yet nearly half (45%) aren’t sure how to address future LTC needs, Financial Advisor Magazine reports.

However, those who have experience providing long-term care are twice as likely to discuss long term care options with family and friends (43% vs. 23%). This ...

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Congress Debates Class Act Fall Out

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The Hill a Congressionally focused newspaper based in Washington, DC reported that the Energy and Commerce Committee’s Health and Oversight subcommittees held a joint hearing on the CLASS Act on Wednesday.

Among those who testified at the hearing was former Rhode Island Congressman Patrick Kennedy, who’s father led the fight for health care reform for decades. Kennedy called the rapid growth of those age 65 and over coming in the next several decades a “demographic tsunami” — meaning the need would ...

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Long-Term Care Costs Outpace Medical Inflation Rate

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Bloomberg Businessweek is reporting that the average cost for assisted living rose 5.6 percent to $41,724 this year, compared with a 5.2 percent increase last year.

The report comes from data contained in a report by MetLife’s Mature Market Institute released this week.  That report found the cost for a private nursing-home room increased 4.4 percent to $87,235 a year and adult day services climbed 4.5 percent to $70 a day. Home health-aide service was unchanged at about $21 per day.

Of particular ...

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