A plan to create a government-sponsored long-term care insurance program for consumers made it into the Affordable Health Care for America Act approved last weekend by the House of Representatives, and experts believe it will also be included in the Senate’s bill. Called the Community Living Services and Support Act (CLASS), the bill would create a consumer-funded national [...] [...more]
While most debate on health care reform focuses on health insurance, debate is heating up on a bill proposing creation of a new government-sponsored long-term care insurance plan. The plan is sponsored by Senator Edward M. Kennedy (D-Mass) and goes by the name C.L.A.S.S. Act, which stands for Community Living Assistance Services and Support. Here’s [...] [...more]
The decision by a major insurance company to spin off most of its long-term care policies earlier this month sends a clear warning to consumers of the importance of that old rule: Buyer beware. Conseco Inc. struck a deal with Pennsylvania regulators to transfer 140,000 long-term care policies into an independent trust. The new non-profit [...] [...more]
Q: I enjoyed your recent column on Roth IRAs. I’m looking into converting my 401(k) to a Roth in 2010 (when rules on adjusted gross income for Roth contributions will be eliminated). I am 66. Does the 5-year waiting period for withdrawing funds apply? – F.G., Palm Coast, FL A: If you want to shift [...] [...more]
My recent column on long term care prompted an impassioned response from a reader who became caught in an insurance nightmare after she and her husband purchased a policy some years ago when long term care insurance was a far less mature market than it is today. The couple’s carrier turned over several times and [...] [...more]
