More about CLASS – the Federal Long-term Care Fund
–A trust fund, much like the Social Security Trust Fund, is to be set up, as the CLASS Independence Fund. It is to be overseen by the Secretary of the Treasury as well as the Secretary of Labor, the Secretary of Health and Human Services, and a Board of Trustees. They are to take premiums, and together with their investment earnings, pay claims. If they determine that enrollment trends and expected claims are not actuarially sound, they can raise premiums or impose a temporary moratorium on new members. They are to pay claims only out of the funds collected and, together with a 15-member CLASS Independence Advisory Council, assure the financial solvency in the near-term and projecting over 20 and 75 years into the future.
–Each State shall assess the number of personal care workers they have to prepare for the program and designate or create entities to serve as the employers of these workers to ensure an adequate supply for those receiving benefits. A Personal Care Attendants Workforce Advisory Panel shall advise on issues related to personal care attendant workers, including wages and benefits and working conditions.