A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. I. Introduction

10/14/2011

The ARC Long-Term Care Model is designed to calculate long-term care insurance premiums and project cash flow to assist policymakers in their efforts to design a government-sponsored program. It can model various benefit structures under user-selected assumptions on participation, utilization, mortality, interest, lapse, and expense loading. Input and output are in Microsoft Excel Worksheets with program calculations performed in Visual Basic for Applications (VBA). The computer code underlying these calculations is clearly written and organized and may be viewed by any user by simply opening Excel’s Visual Basic Editor.

ARC’s model is specifically designed to examine the implementation of the long-term care program described in the Patient Protection and Affordable Care Act (ACA), passed by Congress in March 2010. Title VIII of this act contains a program know as the Community Living Assistance Services and Supports (CLASS) Act. This provision of the bill would establish a government-operated long-term care insurance program.

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