How is the CLASS Act better than traditional long-term care insurance

The CLASS Act is better than traditional long-term care insurance in the following way:

Your health history cannot prevent you from enrolling.

That is a big advantage for anyone with severe health problems, like Parkinson’s, Multiple Sclerosis, severe obesity, and other debilitating illnesses.

Anyone who has a severe, chronic illness that might prevent them from qualifying for traditional long-term care insurance can enroll in the CLASS Act program (provided they are healthy enough to be able to work.)

The other advantage of the CLASS Act is that it is backed by the federal government.  But, the legislation requires the program to be actuarially sound.  Therefore, the Secretary of Health and Human Services is required, by law, to do whatever is necessary to maintain the solvency of the program, including lowering benefits and/or increasing premiums.


About Scott A. Olson

Scott A. Olson, is the author of “The Guidebook for Making Long-Term Care Insurance Easier.” He is a licensed insurance agent and has specialized in long-term care insurance since 1995. He is licensed to sell long-term care insurance in over 40 states. Scott was born and raised in New Jersey and attended Rutgers University. Scott was a caregiver for a close relative for two years. That personal experience has made him acutely aware of how to help his clients design and choose a long-term care policy that will benefit them when they need it the most. Scott and his wife Carolyn live in Redlands, California. Scott and Carolyn have four sons.