The clock is ticking for the CLASS Act to become operational in 2013. The Act took a blow during the national debt debate late July when the Gang of Six recommended its repeal.
Now, the fate of the CLASS Act is in the hands of the "Super Committee," a group of 12 lawmakers created to propose more than one trillion dollars in federal spending cuts. Although the newly created committee may have the motivation and means to stop the clock before the starting bell actually goes off, it's unlikely that will happen.
The Community Living Assistance Services and Support (CLASS) Act is Title VIII of the Health Care Reform Law of 2010 and a legacy of the late Senator Ted Kennedy. This is a provision, which allows workers aged 18 years or older to purchase guaranteed issue but limited (likely $50 to $75 per day) long-term care insurance (LTCI) from the federal government.
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