In March 2010, the Patient Protection and Affordable Care Act (PPACA) was signed into law. A portion of the law, titled the Community Living Assistance Services and Support (CLASS) Act, established a national program for individuals to voluntarily purchase long-term care insurance. The program was to be effective January 1, 2011.
Who is eligible?
Working adults may make voluntary contributions directly or through their employer toward long-term care insurance premiums.
What are the benefits?
Benefits paid will depend on the degree of a covered individual's impairment.
How is CLASS financed?
CLASS is financed through monthly insurance premiums paid by individuals. Benefits are paid through a trust fund of the premium payments and interest earned.
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