Short-Term Care insurance (STCI) is a cash payment policy that provides benefits for a year or less. This coverage is ideal for people who think that if they get sick or injured the condition will only last for 12 months or less. For people who are concerned about conditions such as Alzheimer’s where the illness could last for years, a long term care insurance policy would be best. However, Which the data says about 50% of long-term care insurance claims last for one year or less.
Short term care insurance plans are designed to help protect you from the high and cost of needing care in your own home or a facility such as a nursing home. They generally are purchased to cover gaps in Medicare. Short term care insurance plans provide up to 360 days worth of benefits paid to you in cash.
Short-term care insurance policies will come with no waiting period or also known as a 0-day deductible Elimination Period option and a you will get a full year of benefits paid to you in cash to spend anyway you like once the claim is triggered. This means that from the very first day you need help the policy pays with no out of pockets expenses for you.
Short Term Care Insurance policies will even pay on top of what Medicare pays.
Short-Term Care Insurance underwriting is easier to qualify for over long term care insurance plans. They especially are better for people who are obese and have diabetes.
This is care provided in the comfort of your own home with the help of an individual you are comfortable with or even a home health agency. You can use you STC policy to pay for cooking, cleaning, bathing, dressing, etc.
Is a facility with daily programs that provides care during the day for seniors or special needs people.
This facility is much like a college dorm. The assisted living provides room, board, and personal care for individuals who can’t quite care for themselves at home, but are not ready for the high skilled level of nursing home facility care.
Is a facility facility that provides 24-hour skilled nursing care, intermediate nursing care, or custodial care.
Compassionate care for terminally ill patients expected to live six months or less.
Your short term care policy will also pay for a geriatric specialist to give you advice on how to best manage your care.
Once the claim is trigger they will pay you in cash and you can spend it anyway you like including maid and lawn care services.
Short Term Care Insurance is an insurance product that will pay you cash up to your chosen dollar amount if you get sick or injured. This cash can then be used to pay for anything you need such as home care, assisted living, nursing home care, food, mortgage, medications, etc. 92% of all long term care claims are for three years or less so the odds say this plan will be enough coverage which at the same timekeeping the premiums down.
STCI can be an affordable way to plan for the majority of your long term care risk while at the same time keeping the premiums down. The plans and premiums are highly customizable and underwriting takes a mater of days not weeks like traditional long term care plans.