Massachusetts Sen. Edward Kennedy, chairman of the Health, Education, Labor and Pensions (HELP) committee, has sparked an important debate over long-term care insurance by proposing national coverage that would be available to everyone. But the Kennedy plan, called the CLASS Act, leaves unanswered the question that is probably most important to consumers: How much would the premium be?
Kennedy’s bill, which is likely to be debated by the committee this week, anticipates an average monthly premium of $65. The lifetime cash benefit would be $50 a day (the actual benefit would vary depending on a beneficiary’s level of need). Such a low monthly price would be a terrific deal and likely attract lots of buyers.
However, in recognition of Kennedy’s own uncertainty, the proposal gives the Secretary of Health and Human Services broad discretion to set actual premium levels. And there is some evidence that monthly payments would be quite a bit higher than Kennedy hopes.
National Long-Term Care Insurance: How Much Would It Cost? - Kaiser Health News
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