The Congressional Budget Office’s latest budget and economic outlook projections assumes a one-year delay in implementing the Community Living Assistance Services and Supports program (CLASS Act) which is scheduled to begin collecting premiums next year.
The Congressional Budget Office’s report, which provides baseline projections of the federal budget, has altered its predictions on the CLASS Act’s implementation schedule. “CBO is now anticipating a one-year delay in implementing the federal long-term care insurance program, the Community Living Assistance Services and Supports program,” reads the report. “Based on the pace of implementation actions thus far, CBO now estimates that the program will begin collecting premiums in fiscal year 2013.” This is a change from the previous March CBO report, which assumed that collections would begin in fiscal year 2012. The delay in implementing the CLASS Act lowered projected receipts in this month’s report, since the program would not start paying any benefits for several years. The CLASS Act has been criticized in recent months by those who question the program’s sustainability. Officials at the Health and Human Services Department have declared their commitment to the program and have promised to ensure the program is self-sustaining before implementation.
Read the full Congressional Budget Office report, Budget and Economic Outlook: An Update.
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