Some state legislators say they have "grave concerns" about the long-term sustainability of the controversial CLASS Act.
Members of the National Conference of Insurance Legislators wrote a letter on Aug. 4 to Department of Health and Human Services Secretary Kathleen Sebelius, in which it said the CLASS Act, "fails to apply the principles of risk management that are essential to any financially sound insurance program."
As a federally backed long term care insurance option, the CLASS Act was intended to be self-supporting through premiums and let elderly and disabled individuals remain in their own homes. Federal government officials have said the program won't move forward unless it is solvent. The NCOIL, a lobbying group that comprises state-level legislators and officials whose goal is to closely monitor insurance initiatives, said it still has misgivings.
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