Short Term Care Insurance
Short term care insurance policies provide a financial safety net around the very real likelihood that you may need ongoing extended care in the future. Plans provide coverage 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.
Traditionally, long term care insurance has been the only option for guarding against such catastrophic expenses. Fortunately, several leading insurers now offer Short Term Care Insurance policies as a viable alternative way for paying for long term care.
Common conditions such as mental illness, cancer, and other disabling diseases can bankrupt
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What is Short Term Care Insurance?
Short term care insurance policies are designed to cover ongoing care
Common health events such as stroke and heart attack frequently require a certain amount of care services to fully rehabilitate back to normal life. These events may not need years of ongoing care, however it’s likely that sustained care is needed for weeks or months. Short term care insurance is designed to protect your savings from the high cost of intensive ongoing care.
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What’s Covered in Short Term Care Insurance Policies?
Short term care insurance policies provide coverage for a range of care services. The most common form of sustained care needed is considered “personal care” or “custodial care”. This type of care involves assistance in bathing, eating, dressing and other daily activities.
Individuals who need more intensive care often admitted into a nursing home, assisted living facility, or a senior day care center.
Short term care policies protect you financially no matter what type of care is needed. Typically plans are designed to provide a daily coverage amount ranging between $100 to $300 per day. And coverage can extend up to 1 full year.
Your policy is guaranteed renewable so you do not have to qualify again if you choose to extend your policy. Policy benefits are also guaranteed cannot be cancelled as long as you pay your premium payments.
How To Purchase a Short Term Care Insurance Policy
You can purchase an individual short term care insurance policy with an license insurance agent or independent broker. There’s no need in having an agent come to your house. The majority of all policies are purchased and issued over the phone.
It’s important to know that there are over a dozen highly rated carriers who offer these types of policies. It’s important to shop and compare your options before making a purchase.
Simplified Senior is an Independent digital agency specializing in senior care policies.
Comparing Plans & Rates
Once you begin the shopping process you might be surprised how much plans and rates can vary among different carriers.
There are two paths you can take to comparing plans and purchasing your policy. You can go directly to insurance providers and obtain quotes one at a time to find your best option. This can be a very tedious process.
Or, you can work with an independent agency such as our which allows you to shop and compare top offering around the country. All in one location.
Individuals who go about this on their own often end up with an inferior policy or pay more than they have to for their coverage.
Our team of knowledgable experts are unbiased which carriers we recommend. Our aim is to help you find the right policy at the best price. Regardless of what carrier that’s with. Your perfect policy is out there, and we’ll make sure you find it.
Can Individuals with Pre-Existing Conditions Qualify?
As with more insurance policies you will have to health qualify for this these types of plans. Many individuals with pre-existing health conditions will not qualify. However, don’t get discouraged. Our team of experts know which carriers are more favorable towards certain conditions and provide the best chance of you obtaining a policy.
If your health is particularly bad and you fail to qualify for coverage you still have other options. Standard whole life insurance policies can be modified to include Long Term Care riders. This rider allows you to access your life insurance funds while living if you experience a qualifying health event.
In other words if you were to have a heart attack or some other debilitating health event you will be awarded life insurance funds while living to help pay for the care that you need. Senior life insurance policies can also provide a lump sum payout after you die to help you loved ones pay off any acquired medical debt.
How Much Do Short Term Care Policies Cost?
Ongoing medical care is incredibly expensive. At home personal care can cost hundreds of dollars per days. Other skilled care services that take place in nursing home or treatment facilities are even more expensive. Long term care cost often exceed $100,000 per year. A price that very few can afford to cash flow out-of-pocket. These daunting cost are the reason why 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 cheeper because they only provide coverage up to 1 year. Cost of short term care insurance varies by age, carrier, health, state of residence, and policy pay outs.
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
Does Medicare Provide Short Term Care Coverage?
Medicare Part A provides insurance coverage for all your in-patient care services. Care can take place inside a nursing home, hospitals, or senior centers. However these benefits do not include the most common type of short care need which is Personal At Home Care. Your Medicare benefits are also limited to only 100 days of coverage. You can consider your Medicare benefits as a Shorter, Short term care insurance policy.
If you were to go through a serious health event that required ongoing care it’s likely that you’ll need those services for more than 100 days. We recommend that you don’t solely rely on the limited benefits that Medicare provides.
Medicare Supplements and Medicare Advantage plans are two ways in which you can customize and extend your Original Medicare benefits. Both these two options allow you to extend your Part A benefits up to a full year. However, keep in mind these plans still don’t include coverage for custodial or at home care.
Explore Your Options
We believe that in order to make the best decision for your family and your finances you need to be fully informed on your options. Reading this article is a great first step. Working with one of our independent agents will help you become fully informed on you various options to protecting your wallet from potential future medical expenses.
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 services are free for you to use. And there’s no obligation when speaking with an agent.
Our digital tools help you quote and compare your options in a matter of minutes.
We’ve helped thousands customize their health insurance coverage to best fit their needs and their budget. See what we can do for you.
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