As a long-term care planning specialist for 16 years, myself, like most of us have been challenged with getting everyone that we work with some sort of coverage. We just want to help everyone, but unfortunately we cannot. The three main factors are health, age and affordability. Long-term care insurance requires that you be in “decent” health and insurance companies are not getting easier on underwriting. LTCi stops taking applicants around age 75. And then of course if you have waited to address planning, the premiums have become unaffordable for many.
Short-term care plans provide care for usually less than one year, hence the name. According to most insurance carriers, the majority of claims are under a year, but still many may last for years. Most of these plans are designed to provide care after a hospital stay and assist with recovering either at home or in a facility. Many are for chronic care only with some strict limitations. Some work just like LTCi in qualifying for care, but not the typical 90-day wait period or expectation of care needed longer than 90 days. Some only cover chronic care, some cover all types.
Short Term Care Pros:
Short Term Care Cons:
In summary, short-term plans are great for many, especially those with many health issues or older ages that prevent them from qualifying for long term care insurance. However, if you are younger and in better health, traditional long term care insurance will do much better for most.
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Classe Financial group
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