Short Term Care Insurance
Short term care insurance policies provide a financial safety net around the real likelihood that you may need ongoing extended care in the future.
Plans provide coverage for up to 1 year. And cost much less than traditional long term care policies.
Did you know? 52% of Americans over age 65 will require some form of long term care before they die.
Common conditions such as mental illness, cancer, and other disabling diseases can bankrupt middle-class families not prepared financially.
Traditionally, long term care insurance has been the only option for guarding against such catastrophic expenses. Today several leading insurers now offer Short Term Care Insurance policies as a viable alternative way for paying for long term care.
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What is Short Term Care Insurance?
A short term care insurance policy provides cover ongoing care services up to a full calendar year. Long term care insurance policies provide coverage for 2-5 years.
Short term care insurance policies are essentially a smaller, condensed version of long term care insurance.
Common health events such as stroke and heart attack frequently require a period of ongoing care services to rehabilitate back to a healthy, normal life. Short term care insurance protects your savings from the high cost of intensive ongoing care.
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What Do Short Term Care Insurance Policies Cover?
Short term care insurance policies provide coverage for a range of care services. These policies protect you financially, no matter what type of care is needed.
Typically, plans provide a daily dollar coverage amount ranging between $100 to $300 per day. The funds protect you from paying out of pocket for any ongoing care services.
Short term stays in a hospital or treatment facility are covered, as well as personal care needs at home, such as assistance in bathing, dressing, eating, or other daily activities.
Your policy is guaranteed renewable. So if you need to extend your coverage longer than one year, you have the option of doing so.
How To Purchase a Short Term Care Insurance Policy
You purchase a short term care insurance policy with the help of a licensed insurance agent. As a consumer, you have the freedom of working with an insurance agent who works directly for an insurance company or an independent broker.
It’s important to keep in mind that captive agents who work directly for an insurance carrier can only offer products from a single company. Alternatively, an independent agent (broker) works for YOU, not the insurance company. Independent agents can help you shop and compare offers from all the top short and long term care insurance companies.
Once you locate your best market offer, you can complete enrollment in a matter of minutes over the phone.
Simplified Senior is an Independent digital agency specializing in senior care policies.
Can Individuals with Pre-Existing Conditions Qualify?
As with other types of insurance policies, you will have to health qualify for short term care insurance. Unfortunately, many individuals with pre-existing health conditions will not qualify.
If you have a pre-existing condition, don’t get discouraged just yet. While one carrier may not accept someone with diabetes, another carrier may. Our independent agents help you locate the insurance carrier who is most favorable to your condition and gives you the best chance of obtaining coverage with less than ideal health.
If your health is particularly bad and you fail to qualify for coverage, our agent can help you explore your other options. Traditional whole life insurance policies can be modified to include Long Term Care riders. These policy add-ons allow you to access your life insurance funds while living to help pay for long term care expenses.
Senior life insurance policies can also provide a lump sum payout directly to your beneficiaries to pay off any acquired long term care medical debt.
How Much Do Short Term Care Policies Cost?
It’s no secret that ongoing medical care is incredibly expensive. At home, personal care can cost hundreds of dollars per day. Other skilled services that take place in nursing homes or treatment facilities are even more expensive.
Long term care costs often exceed $100,000 per year. A price that very few can afford to cash flow out-of-pocket. The daunting cost of ongoing medical care is the reason why so many people seek long and short term care insurance plans.
The good news is Short Term Care Insurance policies are much more affordable than long term care policies. Though both types offer the same services and financial protection, short term policies are far cheaper because they only provide coverage for up to 1 year.
The cost of short term care insurance coverage varies by age, carrier, health condition, your state of residence, and the payout amount of the policy.
These premium averages will give you a ballpark on monthly cost.
- Typical premium at age 65 — $105 monthly
- Typical premium at age 70 — $141 monthly
The only way to determine the real cost of your policy is to get a personalized quote and illustration from one of our helpful agents.
Does Medicare Provide Short Term Care Coverage?
Medicare Part A does provide insurance coverage for all your in-patient care services but only up to 100 days. Care can take place inside a nursing home, hospital, or senior center. After you deplete your Medicare benefits, you will be left paying the full cost of care.
It’s important to emphasize that Medicare does not provide benefits for the most common type of short term care, which takes place in your home an, not at a treatment facility.
Though Medicare provides some coverage for ongoing care services, we highly recommend that you do not rely solely on these limited benefits.
You can extend your Medicare benefits to help with ongoing care needs by purchasing a Medicare Supplemental plan or a Medicare Advantage plan. Both of these options allow you to extend your Medicare Part A benefits from 100 days to 365 days. However, these options only provide coverage for in-patient care and not custodial home care.
Explore Your Options
Explore your options today with a free short term care insurance illustration. Until you are fully aware of your options, it’s impossible to make an informed decision about the future.
Our agents take the time to understand your life circumstances and help you find the best policy that fits your budget and your health care needs.
Our services are free for you to use. And there’s never any obligation when speaking with an agent.
We’ll help you quote and compare the best offers around the country so you can make the best decision for you and your family.
We also help you explore alternatives to long term care insurance.
Our team of experts is here to help you the entire way through.
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