On Friday the CLASS (Community Living Assistance Services and Supports) Act, a part of the Health Care and Education Reconciliation Act of 2010 that created a voluntary long term care and disability insurance for working aged Americans, was scrapped by the Obama Administration. Designed to be supported by member premiums collected via payroll deductions, the plan has come under significant scrutiny as its sustainability has been questioned. The program was terminated indefinitely just before the weekend as it became increasingly clear that plan could not be self-supportive. Removing this program from the law saves as estimated $86 billion over a decade.
See a full write-up of this story from The Hill by clicking here.
See a summary of the CLASS Act by clicking here.