Last week, the “Fiscal Cliff” was averted and a budget agreement was signed into law by President Obama. The “Fiscal Cliff” Deal will raise about $600 billion in taxes over the next decade, and includes two key actions that will impact people receiving and providing long-term care.
One significant measure in the “Fiscal Cliff” Deal involves permanently repealing the Community Living Assistance Services and Supports (CLASS) Act, which was aimed to create a national long-term care insurance system. The CLASS Act was originally designed as part of the Affordable Care Act of 2010 to provide a basic cash benefit for individuals who have become functionally disabled and require long-term care. This act was never implemented because a government study found that the program would be financially unstable.
The second action involves the creation of a 15-member National Long-Term Care Commission to develop a plan for better financing and delivery of long-term care services. This panel is to include Presidential appointees as well as Democratic and Republican leaders of both the Senate and House.
We here at the Fairfax Elder Law Firm of Evan H. Farr, P.C. believe that with all of the changes being made as a result of the “Fiscal Cliff” deal, Medicaid Asset Protection Planning was, and still is, one of the best ways to provide for you future long-term care needs. Call 703-691-1888 to make an appointment for a free consultation. We can meet with you, access your financial situation and determine strategies for your long-term care plan.
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