A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Other Plan Features

10/14/2011

Waiver of premiums during the time a beneficiary is receiving benefits is not a statutory requirement but is common in private long-term care insurance. To be competitive, the CLASS plan should also include this feature, except when the Limited Initial Benefit provision applies.

Premium discount for spouse coverage is also common in private insurance in recognition that couples tend to have lower claim costs than singles. However, we believe that premiums can only vary by the age at enrollment in CLASS. A response to the premium discount would be to allow a couple to share their benefits. If a spouse is a beneficiary for more than 5 years, the benefit amounts would not be reduced (that is, to 20%) to the extent that the other spouse’s 5 year period has not been used up.

Certain group and most individual long-term care insurance plans have preferred risk discounts. We believe the CLASS Program has no apparent answer to this feature.

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