What is a Short Term Care Insurance for The Elderly?
The quest of living a healthy life and being productive calls for a balance that often demands that you spend more than you expected. In the insurance industry, there are two main types of insurance policies, which are short term and long term care insurance policy. However, in recent years, some people are shunning away from long term commitments, but there those that are still die hard long term care subscribers. Their Reasons are best known to them. Looking at the current financial and health risks facing individuals, it easy to note why the demand for insurance is on the rising, most importantly the STCI.
Short-term care insurance policies offer numerous advantages for various types of health care as well as aging needs. Generally, it’s the seniors that subscribe to this sort of cover to complement their Medicare supplement insurance. In fact, STCI does more than just complementing other insurance covers; it fills in the gaps where traditional coverage may fall short. Apparently, short term care insurance policies serve as the most appropriate insurance cover since not everyone who applies for LCTI qualify for that cover. It’s estimated that between 25% to 40% of long term care insurance applicants are declined. Again, if you are thinking of a Medicare plan, it may be the best solution for your needs yes! But with limitation in its coverage, you are just not sure anymore.
You might be pondering on the benefits of STCI for your loved one. But now, listen to this, just as the name suggests, short term care insurance plans are tailored to offer benefits for a maximum period of 1 year, or less, depending on the policy. In addition, based on the coverage limits and what is being covered, short-term care insurance policies will vary. However, most of these policies will cover home health care, assisted living facility costs, skilled nursing home stays and hospice care. If you get a good STCI, you’ll be lucky if they even cover prescription drugs and other medical options.
In short term care insurance, you get to choose your maximum daily benefit that often ranges from $50 to $300, but you should note that, the higher your daily benefit, the more inexpensive the plan. Different insurance companies have different benefits period. Therefore, it’s important that you choose the most appropriate based on your current health condition. But for you to also receive these benefits, you’ll need certification to ascertain that you actually need help with basic life routines like toileting, dressing, eating, bathing, continence among others. In case you have a severe impairment or other forms of disability, you’ll be entitled to short-term insurance benefits.
It is estimated that 3 in 5 people have purchased some form of life insurance, and another 34% state the possibility of subsrining for an insurance cover within the coming year. This figure indicates just how much people are fishing for effective life insurance options that actually meets their lifestyle demands. As a result, insurance experts advise people on making wise decisions when it comes to choosing an insurance policy. While STCI may seem like the right plan, it’s not an ultimate solution to your long term care needs.