When you consider a long-term care (LTC) insurance policy, do you find yourself thinking any of these things?
- LTC insurance is too expensive.
- I have too many health issues for LTC insurance.
- I was declined for an LTC insurance policy.
- I’m too old for LTC insurance.
- I can’t believe LTC insurance charges more for women.
If so, then short-term care (STC) insurance may just be the alternate answer you’re looking for.
LTC insurance premiums aren’t cheap, however, the policies are designed to protect wealth and retirement savings. STC insurance premiums are much less expensive averaging $105 a month for a 65-year-old and $141 a month for a 70-year-old. People buying STC insurance are typically older than those buying LTC insurance, and they also have a smaller net worth. STC insurance still offers protection and peace of mind, and should be considered when planning for retirement.
“STC insurance still offers protection and peace of mind, and should be considered when planning for retirement.”
The health underwriting process for an LTC insurance policy can be extensive and people who are declined for the product may still have a chance with STC insurance. STC insurance policies ask less health questions and accept more health history and conditions. Leilani Filipanko, an LTC Insurance Specialist, recently worked with two clients who had a combination of high weight, a history of colon cancer, and too many falls in the past year. Traditional LTC insurance said they were uninsurable. However, when Filipanko investigated Aetna, she discovered her clients could still get coverage. They chose Aetna’s Recovery Care Fixed Indemnity and are paying a combined $180.42 a month, or $2,165.04 a year. Each of them will receive the benefits detailed below.
The maximum age limit for LTC insurance is generally 79, while STC insurance will go up to 89. So, if you are still relatively healthy, there is still a chance at some coverage. It is important to note that STC insurance is similar to LTC insurance in that premiums will increase with age. LTC insurance also has gender-based pricing, and women are generally more expensive than men. With STC insurance the pricing is unisex. For single females this is good news.
If any of these LTC insurance obstacles sound familiar, or if you’d simply like to learn more, speak to a specialist and find out today if STC insurance is something that may benefit you and your family.