How Short-Term Care Insurance Can Help Protect You and Your Family

How Short-Term Care Insurance Can Help Protect You and Your Family

Short-Term Care insurance lets you prepare for extended care and protect you and your family from unexpected costs

Short-Term Care insurance is an ideal option to help you plan for a long-term care scenario. As a supplemental policy, it can help fill in the gaps in your health insurance coverage, protecting you and your family from unexpected care costs.

Why do I need more coverage?

You never know when illness or injury will strike. This uncertainty can be magnified by the financial burden associated with care. Care costs are rising, and average annual rates for different services are indicating a significant need for advanced financial planning.
 
Seventy percent of adults aged 65 and older will need long-term care or assistive care of some type. If you find yourself in this situation, you can expect to pay anywhere from $3,628 to $7,698 per month for assistive care, depending on what type of care you utilize.
 
You can address the costs associated with care in many ways, but you need to understand your options to make a wise decision.
 
Medicare Part A will pay for inpatient care in a hospital, skilled nursing facility care, hospice care, and limited home healthcare, but for long-term care, personal care, and custodial care, Medicare does not cover costs.
 
Long-Term Care insurance is another option. Although its premiums can vary, it can provide assistance with paying for the cost of care as you age. You can receive benefits for multiple years, should you need them that long.
 
While the length of stay and level of care for individuals will vary, approximately 37% of individuals who require long-term care in an assisted living or nursing home facility will utilize the services for only one year.

Help protect yourself and your family with Short-Term Care insurance

With most plan options ranging from 120 to 360 days of benefits and shorter elimination periods than typical long-term care plans, Short-Term Care insurance lets you prepare for care without paying for more coverage than you might end up needing.
 
Short-Term Care insurance also provides you greater flexibility. For each day you use care services through nursing home care, assisted living care, home healthcare, adult daycare, or hospice care, you receive benefits to offset billed charges up to the daily benefit amount you select. Additional benefits included in some plans can also help you pay for certain non-medical expenses without needing to draw from your savings.
 
In conjunction with a Long-Term Care insurance plan, Short-Term Care insurance can help provide long-range protection within your budget. If you want to have both coverage types, you can choose a longer elimination period for a Long-Term Care insurance plan while knowing that your Short-Term Care insurance can fill the elimination period gap at a lower premium rate.
 
Planning for the future with Short-Term Care insurance can bring peace of mind to you and your family. And AARP® Short-Term Care Insurance from Medico® is specifically designed to give you flexibility to receive care when you need it and where you want it without placing a physical or financial burden on your loved ones.
 
Check out these additional resources for more information on the specific benefits available to you through AARP Short-Term Care Insurance from Medico. Or if you’d like to see which options make the most sense for you, click here to get a quote.

Photo credit: iStock
11-26-19
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