The Affordable Care Act (ACA), also famously known as Obamacare, is a federal law that will bring about the largest reforms in the country’s health care system since the enactment of Medicare and Medicaid. Its purpose is to make health insurance more affordable and accessible to everyone.
Demise of the CLASS Act
The ACA recognized the problem with the rising costs in long-term care combined with an aging baby boomer generation. It tried to provide a solution by enacting the CLASS (Community Living Assistance Services and Supports) Act. The CLASS Act would have created a voluntary, self-funded insurance program for long-term care. However, the CLASS Act was terminated by the Obama administration after Congress and the Department of Health and Human Services found that it was impossible to implement financially and economically. This further illustrates how costly and unmanageable long-term care costs are.
You’re on Your Own, So Plan Ahead
With the demise of the CLASS Act, you cannot rely on the government to take care of your long-term care needs. Long-term care costs is the number one reason for bankruptcy among seniors, so it’s absolutely essential to plan ahead to protect yourself and your loved ones. Learn about the ways to pay for long-term care so that you’re not caught off guard.