A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Next Steps

10/14/2011

We will continue our actuarial work in two phases. We will complete plan development first and then turn our attention to plan implementation.

Development

  1. Conduct a survey of long-term care insurance experience on group business,
  2. Obtain legal clearance on plan designs and features,
  3. Assist in finalizing proposed plan features,
  4. Assist in developing marketing strategic and tactical plans, including potential for co-marketing with insurers,
  5. Develop recommended premiums and project financial results,
  6. Perform sensitivity analysis including stochastic modeling, and
  7. Obtain external review on premium adequacy.

Implementation

  1. Assist in the rule-making process,
  2. Assist in the procurement process for administrative services,
  3. Develop a risk management process for Program implementation,
  4. Design a study of health status of enrollees,
  5. Develop an actuarial review process, and
  6. Develop a process to determine enrollees’ individual equity for the purpose of program termination or transfer.

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