Reminder: The Affordable Care Act Does Nothing to the Cost of Long-Term Care
The Affordable Care Act, also known as “Obama Care,” includes no provisions that address the cost of nursing home care or other aspects of long-term care. We have mentioned this before, but it bears emphasis.
The legislation included the CLASS Act, which was designed to address this specific concern. That part of the legislation was ill conceived and actuarially impossible. Critics mentioned this at the outset. Actuaries in the federal government came to the same conclusion shortly after the Act was passed. Accordingly, it was abandoned.
This means that we maintain the status quo as we think about paying and planning for the cost of skilled nursing care, in particular.
As a client of our office, you know that we can take many steps to be certain that assets are protected and that Medi-Cal eligibility can be achieved, when appropriate.