Seniors Housing Weekly Market Update

March 9, 2011

60 Seconds With Steve Monroe 

March 9, 2011. Despite a lot of scrutiny of the CLASS Act portion of health care reform, there still appears to be people in Washington who do not get it.  The Secretary of Health and Human Services still appears to think it offers more than long-term care insurance, and some congressmen still believe in fairy tales of trust funds with real money in them. 



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Class Act

It just seems business as usual. Tell the public all we are doing for them, when it means they will take your dollars and when the time comes you need it, they will say "oh sorry, all those years your put your hard earned money into our Govt. fund" is now been depleted and used in other "needed areas". At least you know if you put your $$ into an LTC policy it will be there when neeed.

The video is great!

Love the video, Steve. I heard Laura Lawrence, US Dept Health & Human Svcs and Connie Garner, CLASS instigator, speak at the Society of Actuaries LTC conference in Atlanta last week. It is clear that they are clueless and spending a lot of time blundering around and re-inventing the wheel. They also know that none of us think CLASS is viable. Problem is I don't really know if they understand why we believe it is not viable. Thanks Honey


I agree that there is a lot of blundering around, but I think the problem is that the CLASS proponents are confusing the merits of some kind of LTC insurance program versus the severe financial problems with how CLASS has been initially set up and not admitting that the premiums paid in will be going to fund other things and not going into any kind of an insurance reserve fund for future drawdowns. The intent is okay, but not the specifics on how to get there, and they won't admit to the funding issue.

There's a lot of confusion about the CLASS Act

There's a lot of confusion about the CLASS Act. Here's a list of 13 facts about the program that are tucked away in the legislation: Scott


Thank you Scott, but that information still does not counter the fact that the first five years of premiums are not being set aside and invested, as in a normal insurance model. They are being spent on other aspects of health care (reform), which means that in effect it will be a Ponzi scheme, and no better than Social Security, where there is nothing in the so-called "trust fund" other than IOUs which, when drawn upon, will force the government to borrow in order to honor them.

the real message of the CLASS Act

The real message of the CLASS Act is that the government is getting out of paying for long-term care (not getting into paying for long-term care.) One of the biggest problems our country faces is that most Americans still think that Medicare or their medical insurance covers the cost of long-term care. The CLASS Act addresses this problem by making a very clear statement: You have to pay for your own long-term care. You either have to pay for your own long-term care by using your savings, the $50 per day CLASS Act benefit, long-term care insurance, or a combination of these. Either way, the government is saying that "YOU HAVE TO PAY FOR YOUR OWN LONG-TERM CARE---the government is running out of money."

purging ignorant half-cocked legislators and officials

Steve, your comments just highlight the fact that they don't have much of a clue. And these are the ones in charge..... Their hand picked handlers and "expert staffers" obviously don't know better either. It will take embarrassing them nationally as collosally stupid and incompetent to be the engineers of "the train." Maybe then they will finally decide it is important to learn enough about the subject before they vote or otherwise act. We must find ways to expose this level of incompetence. People don't change unless they experience a "significant emotional event". Publicly and broadly exposing those in high places as undeniable buffoons should do that. Just my two cents. Bruce G. Krider Board of Directors Palomar Pomerado Health

our legislators

They are collosally exposed every day, but way too ignorant or arrogant to care.

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