tailieunhanh - A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program

For a more reliable assessment of future performance, the k-fold cross validation [Sto74] is often applied. An advantage of this technique is that all samples in the data set are fully utilized. In a k-fold cross validation, the data is randomly separated into k partitions of equal size. In each of the k runs, (k – 1) partitions are combined to form the training set and the remaining partition is held out as the testing set. This process repeats k times, each time with a different partition of training and testing sets. The average performance of the model. | A Report on the Actuarial Marketing and Legal Analyses of the CLASS Program . Department of Health and Human Services INTRODUCTION The Community Living Assistance Services and Supports CLASS Act was enacted as Title VIII of the Patient Protection and Affordable Care Act ACA . 111-148 Mar. 23 2010 which amended the Public Health Service Act 42 . section 201 et seq. by adding the CLASS Act as Title XXXII. The law was designed to establish a voluntary national insurance program for American workers to help pay for long-term services and supports they may need in the future. The CLASS program seeks to help enrollees live independently in the community and to give them considerable freedom to determine the necessary services and supports they purchase with their coverage. By statute CLASS benefits must be funded entirely through enrollee premiums there is no taxpayer subsidy. Appendix A includes a description of the Act that was prepared by the CLASS Office to guide their work. There is a critical need to find ways to help Americans prepare for their long-term care needs. Almost seven out of ten people turning age 65 today will experience at some point in their lives functional disability and will need some paid or unpaid help with basic daily living activities. While most people who need long-term care are in their 70s and 80s young people also can require care with 40 percent of long-term care users today between the ages of 18 and 64. Long-term care is also expensive. While costs for nursing home care vary widely they average about 6 500 per month or anywhere from 70 000 to 80 000 per year. People who receive long-term care services at home spend an average of 1 800 per month. Expected lifetime longterm care spending for a 65 year old is 47 000 sixteen percent will spend 100 000 and five percent will spend 250 000. Medicare does not cover long-term care services. Medicaid pays for such services only for people with limited financial means qualifying for .