Accidents happen. Unexpected illness happens. Because life loves to throw us curveballs, have you started to plan for how you would pay for long-term nursing home care? One option would be a traditional Long-Term Care Insurance policy, but those require extensive underwriting, and the premiums can be expensive. Therefore, have you considered Short-Term Care Insurance?

Short-Term Care, sometimes referred to as “recovery care,” helps pay for in-home or nursing home care. These plans are affordable, easy to medically qualify for, and provide you with at least one year of coverage at home or in a facility.

Why Get Short-Term Care Insurance?

  • Medicare has specific requirements that only cover certain out-of-pocket costs related to Short-Term Care. If approved, Medicare pays 100% of the first 20 days of a covered skilled nursing facility. A copayment of $200 per day is required for days 21-100.  Short-Term Care insurance policies can help protect you from those out-of-pocket costs.
  • Most Long-Term Care insurance plans have elimination periods. Short-term insurance policies can help cover those gaps.
  • Short-Term Care insurance eliminates the need to spend your own money. When an accident or illness occurs, individuals would like nothing more than to stay in their home to recover. Short-Term Care can help with the burden of paying for in-home health care.
  • Short-Term Care insurance gives you time to make a plan. The plans pay for one year of nursing home care and/or in home health care. That one year can give families time to sort out finances and plan for years to come.
  • Short-Term Care insurance has an easy application process. Short-Term Care policies have less involved applications with fewer disqualifications, which provides an opportunity for those who cannot qualify for Long-Term Care to still have protection.

Whether you are working, retired, or preparing for the future, it’s important to consider the cost of healthcare and how an unexpected accident or illness could impact you or your family’s finances.  Short-Term Care insurance can help pay for those unexpected expenses. When researching Short-Term Care plans, it’s good to learn about the available add-on options. Give Hovis & Associates a call at (636) 937-4343 for help in navigating through the different Short-Term Care options.