Note: None of this should be taken as legal or tax advice.
Health care reform will no longer address long term care insurance due to cost concerns. The Wall Street Journal recently reported that the CLASS Act (Community Living Assistance Services and Supports), intended to provide assistance to Americans for daily living needs, was scrapped by the Obama administration.
Projected to generate tens of billions of dollars during its early years, the future cost of paying out claims would have exceeded that projected revenue. According to Health and Human Services Secretary Kathleen Sebelius: "Despite our best analytical efforts, I do not see a viable path forward for CLASS implementation at this time."
