Why You Should Avoid Fringe Benefits like CLASS Act

Had the Community Living Assistance Services and Supports Act (CLASS Act) not been cancelled, October of this year would’ve been monumental as the Secretary of Health and Human Services (HSS) is scheduled to lay down the details of the Act’s benefits in the said month. Unfortunately, that health reform program is now just a thing of the past and whatever promises it has made to the public should be buried along with the year that was. Uninsured senior folks who were banking on the said health insurance program said it is difficult for them not to aspire for the government to give the Act a second take since it’s all that’s left to them. Most of them were either declined by insurance companies marketing long term care insurance (LTCI) policies because of pre-existing conditions or required to pay higher premium rates. They fear the time when there will be absolutely nothing left in their wallets and bank account to spend for their health care needs. Despite this feeling, they know that they have no one to blame but themselves for constantly putting off their long term care (LTC) plans until it was too late to come up with one. Younger folks can learn valuable lessons from the painful revelation of these older uninsured folks. One of which is to set your priorities in life. Having lots of money would be pointless if you don’t know where to put it. Invest your money on important things such as food (healthy ones not junk), clothing (forget signature labels), housing, and a good plan for your LTC. Solvency of the CLASS Act Although its objectives are very impressive, the law states that the Community Living Assistance Services and Supports Act should be solvent for a 75-year period before it can be offered to the public once again. In other words, it would take generations before the said program shall be implemented. Everyone is advised to be responsible for his own LTC plan. Should the government offer anything similar to the Act in the future, simply take it as a bonus. The core of your LTC plan should be based on your personal health care requirements. If you’re wondering how you can possibly know your health care requirements at the age of 40 or 50, your doctor can help you out. Correlate your present health condition with your family’s health history. This in-depth research will help you find out if you are genetically predisposed to a certain type of illness. Once you have identified your possible needs in the future health care wise, study the cost of care in your area. Knowing your health care needs and how much you have to spend to be able to acquire these needs are the vital steps to obtaining an effective LTC plan. While you’re working out your plan, see to it that you maintain a healthy lifestyle because this will lower your risk of requiring higher levels of care in the future. Once you are armed with a customized LTC plan, fringe benefits such as the CLASS Act won’t come to your attention anymore.