Home Health Care Insurance
Short-term policies typically cover home care, assisted living and nursing homes when you can’t take care of yourself. But instead of paying for years of care, short-term care insurance, also known as recovery care, typically provides benefits for 12 months or less. Typically, short-term care insurance is used to cover gaps in Medicare coverage or as an alternative option to long-term care insurance. The majority of short-term home health care insurance policies have a 0-day deductible (Elimination Period) option and a full year of benefits. Simply, that means the policy pays on the very first day that you qualify for benefits. Most traditional long-term care insurance policies (about 94%) are sold with a 90-Day Deductible that must be met before benefits are paid
Who Should Consider A Short-Term Care Policy?
- You (or a spouse) were declined for traditional LTC Insurance.
- You want a less expensive option (than traditional long-term care insurance).
- You waited too long to buy long-term care insurance (cost is now too high).
- Home care coverage is more important to you than nursing home coverage.
- You are age 75 or older.
- You are a single woman (rates for Short-Term Care policies are not gender-based as they are with traditional long-term care insurance).
- You have a long term care insurance policy and you want to cover the elimination period.