Short Term Care Insurance
Short term care insurance policies provide one year of extended medical care coverage. These plans offer all the benefits of traditional long term care insurance; however, they cost much less.
Did you know? Nearly 70% 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 coverage for ongoing care that extends beyond what normal health insurance or Medicare covers. Long term care insurance policies provide coverage for 2-5 years, while short term policies last for 12 months. These policies are guaranteed renewable. So if you need to extend your coverage longer than one year, you have the option of doing so.
What Do Short Term Care Insurance Policies Cover?
Short term care policies provide a daily dollar coverage amount ranging between $100 to $300 per day. These funds protect you from paying out of pocket for extended care medical services such as:
- Nursing home care
- Assisted living facilities
- Adult daycare services
- In-home care
- Home modification
- Care coordination
The policy is triggered if you become unable to perform two out of six activities of daily living such as dressing, bathing, eating, transferring to a wheelchair, etc.
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How Much Do Short Term Care Policies Cost?
Short term care insurance policies cost much less than traditional long term care insurance. The total cost of your policy will depend on many different factors. Your age, health status, state of residence, zip code, gender, and smoking status, and the daily coverage amount all affect your premium rates. However, here are some ballpark averages.
- Average monthly premium at age 65 — $105
- Average monthly premium at age 70 — $141
The only way to determine the real cost of your policy is to get a personalized illustration and premium quote. Our agents are here to help you do just that.
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 company may not accept someone with diabetes, another carrier might.
Insurance companies compete with each other by catering to different subgroups of people. One of the perks of working with our agency is getting an expert who can help you find the company most favorable towards your condition.
If your health is particularly bad and you fail to qualify for coverage, we’ll help you explore several alternatives to long term care insurance.
Does Medicare Provide Short Term Care Coverage?
Many people are under the impression that Medicare provides long term care coverage. It’s doesn’t.
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. However, after you deplete these benefits, you will be left paying the full cost of care.
It’s important to emphasize that Medicare does not provide coverage fort he most common type of short term care, which takes place in your home. Not at a care 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 Supplement 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, once again, these benefits only apply to sever situations where medical services take place at a care facility, not at-home personal care.
How To Purchase a Short Term Care Insurance Policy
You may 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 insurance agent.
Captive agents work solely for a single insurance carrier and only offer products from the company they represent.
An independent agent works for YOU, not the insurance company.
Simplifiedsenior is an independent insurance agency representing over a dozen of the best long term care insurance companies in the country.
We’ll help you shop and compare all your options in one convenient location.
Explore Your Options
Explore your options today with a free illustration. Our agents will work with you to craft your policy to fit your health circumstances and your budget.
Our services are free. And there’s no obligation when speaking with an agent.
We’ve helped thousands of people protect their health and their finances with extended care insurance coverage. We’d love to help you too!
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