CLASS Act: Republicans Say Madoff Would Be Proud

The Joint Economic Committee of the Republican party issued a report this week referring to the CLASS Act as “a Ponzi scheme of the first order” [Senator Kent Conrad (D-ND)].

The report’s conclusion:  “As currently designed, CLASS will not be able to sustain itself without subsidies from taxpayers or from all workers in the form of mandatory enrollment. ”

The conclusion continues, “In addition to being unsound, the program is unnecessary.  Americans already have an array of private long-term care insurance options to choose from; many are more economical than CLASS, most offer richer benefits.”

The report concludes that “The best remedy for the unsustainable, unaffordable CLASS program is to repeal it.”

“This is the first time I have heard a politician utter the word ‘repeal’ when referring to the CLASS Act,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  “I actually wish they would finalize the pricing and benefits for the CLASS plan as soon as possible becuase I believe consumers are confused.   They need to know what this will cost as soon as possible so they can make intelligent comparisons.”

If you would like a PDF of the Senate report, please contact AALTCI.

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