A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Limited Initial Benefits

10/14/2011

This plan pays a low benefit (for example, $5 daily) if claimed during the first 20 years and a regular benefit (for example, $50 daily benefit, indexed) otherwise. Because the benefit in the early years is quite low relative to the premiums, the Program may be less attractive to the high risk workers. Thus this approach can moderate adverse selection. The disadvantage of this design is that it may also be unattractive to the healthy workers, especially older workers who, as a whole, are closer to claim.

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