Long-Term Care Insurance

Which Way for Long-Term Services and Supports Financing Reform?

Despite the high costs for long-term services and supports (LTSS), the current financing system inadequately protects people from the financial devastation of long-term disabling conditions such as Alzheimer's disease or stroke. Private long-term care (LTC) insurance coverage is low and Medicare does not cover LTSS. Consequently, many individuals

From: Which Way for Long-Term Services and Supports Financing Reform?

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What Do People Know About Long-Term Services and Supports?

Galina Khatutsky, Joshua M. Wiener, Nga Thach and Angela M. Greene RTI International Printer Friendly Version in PDF Format (18 PDF pages)

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Private Financing of Long-Term Care: Current Methods and Resources--Phase II Final Report

From: Private Financing of Long-Term Care: Current Methods and Resources--Phase II Final Report

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A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Files Available for This Report

Main Report HTML http://aspe.hhs.gov/daltcp/reports/2011/class/index.shtml PDF http://aspe.hhs.gov/daltcp/reports/2011/class/index.pdf [48 PDF pages] APPENDIX A: Key Provisions of Title VIII of the ACA, which Establishes the CLASS Program HTML http://aspe.hhs.gov/daltcp/reports/2011/class/appA.htm

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Appendix R: Figure 1: Daily Benefit Amount for Increased Benefit

Figure 1. How the Daily Benefit Amount for a CLASS Partnership Policy Changes Over Time Total Daily Benefit: $150 Total Value of Policy: $164,250 Daily Benefit Amount = $0 to $175 Years Policy is Held = 1 to 25 Supplemental Daily Benefit -- Available With Underwriting = decreases over time years 1-24, not on figure year 25 [actual numb

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Appendix Q: Table 2: Actuarial and Demographic Assumptions

Table 2. CLASS Modeling Assumptions Under Three Scenarios I. Worse than Expected II. Expected III. Better than Expected Antiselection: ARC 1 0.85 0.7 0.55

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Appendix Pe: Presentation Entitled "Alternative Approaches to CLASS Benefit Design: The Class Partnership"

Alternative Approaches to CLASS Benefit Design: The CLASS Partnership William Marton Office of the Assistant Secretary for Planning and Evaluation June 22, 2011 CLASS Independence Benefit Plan

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Appendix Pd: Presentation Entitled "The Avalere Long-Term Care Policy Simulator Model"

The Avalere Long-Term Care Policy Simulator Model June 22, 2011 Avalere Health LLC Presentation Purpose and Agenda

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Appendix Pc: Presentation Entitled "Actuarial Research Corporation's Long Term Care Insurance Model"

Actuarial Research Corporation’s Long Term Care Insurance Model June 22, 2011 Caveats

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Appendix Pb: Presentation Entitled "Core Assumptions and Model Outputs"

Core Assumptions and Model Outputs John Wilkin, ARC Eric Hammelman, Avalere Health

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Appendix Pa: Agenda and Discussion Issues and Questions

Technical Expert Panel Meeting On Actuarial Modeling of the Community Living Assistance Services and Supports (CLASS) Program Agenda June 22, 2011 9:00 am - 3:30 pm Hubert H. Humphrey Building, Room 705A 200 Independence Avenue, SW Washington, DC 20201 Contact: Marie Belt or Goldwyn Smith at 202-690-6443

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Appendix P: June 22, 2011 Technical Experts Meeting

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

The CLASS Act was enacted as Title VIII of the Patient Protection and Affordable Care Act, P.L. 111-148 (March 23, 2010), which amended the Public Health Service Act, 42 U.S.C. section 201 et seq ., by adding the CLASS Act as Title XXXII. They include: Actuarial Standards of Practice No. 12: Risk Classification , American Academy of Act

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Attachment 3: Summary of Proposed Plans

SUMMARY OF PROPOSED CLASS BENEFIT PLANS Proposed Plan 1 Phased Enrollment Proposed Plan 2 Phased Enrollment + Temporary Exclusion Proposed Plan 3 Phased Enrollment + Limited Initial Benefits Proposed Plan 4 Temporary Exclusion

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Attachment 2: Plan Design Alternatives

PLAN ALTERNATIVES Category I: Adverse selection issue not addressed Design 1 CLASS Basic 2 Modified CLASS Description This is the plan closest to CLASS specs This plan incorporated the proposed Senate amendments

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Attachment 1: Adverse Selection Memo

Memo: Adverse Selection From: Bob Yee To: Kathy Greenlee Date: April 27, 2011

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

We believe the CLASS Benefit Plan can be designed to be a value proposition to the American workers as the CLASS Act prescribed it. Much work remains to be done on plan development. The ultimate size of its enrollment will depend on marketing efforts to produce wide public acceptance of the CLASS Program.

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

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

A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Pricing Risks

It should be noted that long-term care insurance programs are characterized by low incidence rates and relatively high benefit amounts. Claim costs are typically low at the early ages of the enrollees but increase substantially at later ages beyond retirement. The typical time to claim from enrollment is over 10 years. Consequently, small changes

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

Actuarial oversight plays a significant role according to the statute. “The Secretary, in consultation with appropriate actuaries and other experts, shall develop at least 3 actuarially sound benefit plans as alternatives for consideration for designation by the Secretary as the CLASS Independence Benefit Plan” 49 . With respect to actuarial

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