Have you shopped for Long-Term Care insurance but were declined or found out it’s not in your budget? If this applies to you, it’s good to know you have other options. Short-Term Care insurance can help pay for up to one year of care, giving you and your family time to make further arrangements.
Having some coverage is better than none. Learn more about short-term care coverage and how it can offer you and your family peace of mind at an affordable rate.
Short-Term Care (STC) vs. Long-Term Care (LTC) – What’s the Difference?
Short-Term Care Services
Short-term care services may last for a few days, a few months, or up to a year while someone is recovering from an illness, injury, or surgery. These care services often help seniors make smooth transitions from the hospital back to their homes. A custodial caregiver may provide unskilled daily assistance with bathing, dressing, mobility, meal prep, and laundry. Skilled care may take place in the home or in a facility for monitoring vitals, dressing wounds, or dispensing medications.
Long-Term Care Services
Long-term care is for seniors with chronic and/or progressive conditions such as a debilitating stroke, Parkinson’s, Alzheimer’s, or dementia. Regular care is needed for an extended time, typically more than one year, and the client’s needs will likely increase. Care can be received in the home, in an assisted living facility, or in a nursing home.
Advantages of Short-Term Care Insurance
Short-Term Care insurance offers significant advantages:
- Most STC policies have a 0-day elimination period for a full year of benefits.
- STC policies can pay in addition to Medicare (not allowed with LTC policies).
- Many short-term care applications have only 7-10 health questions. Some have as few as two health questions.
- The shorter duration is more affordable for many families.
When to Consider a Short-Term Care Policy
Consider an STC policy if…
- You were ever declined for an LTC policy.
- You are looking for a less expensive option.
- You are age 80 or over.
- You are a single woman (gender-based rates do not apply).
- You have a current LTC policy and want to cover your elimination period.
“Having some coverage is better than none.”
Short-Term Care Policy Options
A typical STC policy offers the following options:
- Minimum Age: 40-50
- Maximum Age: 85-89
- Daily Benefit Options: $100, $150, or $200
- Maximum Duration: 1 year
- Care Options: Home care, assisted living, nursing home care
Get a Short-Term Care Insurance Quote
At LTC Consumer, we shop the market for you to get you the best deal. If you’re interested in short-term care insurance, speak with an LTC Specialist for a rate comparison. Contact us today to learn more.