As an insurance agent, you probably are familiar with long-term care insurance as it exists today.
The government is determined to change it, so be prepared for a shock if you are still in the business in five years.
Here is some background to bring you to today and move into the future. You may remember a piece of legislation called the Community Living Assistance Services and Supports Act. It was part of the Patient Protection and Affordable Care Act (PPACA), or what we call Obamacare.
It didn’t hang around too long because the administration determined that the high premiums would crush the program, so the president canceled it. Congress officially repealed the CLASS Act.
While CLASS is officially dead, its corpse has taken on a new façade.
That new façade is the Commission on Long-Term Care.
Sen. Jay Rockefeller added the commission into the fiscal cliff law during the great compromise negotiated at the end of 2012 to keep the government from closing its doors.
The commission doesn’t actually refer to the term “long term care” in its phraseology but instead uses the phrase “long-term services and supports” (LTSS).
The commission is a powerful commission. It is authorized by law to introduce legislation. Without getting into how a law becomes a law tutorial, suffice it to say that this power is extremely potent.
Since the commission is a relatively new government animal, it has met only a few times. Those meetings produced a brief, “Commission on Long-Term Care Summary of Recommendations,” that was published on Sept. 12, 2013.