Short-Term Care Insurance: An Alternative to the Long-Term Care Variety
A little-known insurance option can be an answer for some people who might need care but are unable to buy long-term care insurance. Short-term care insurance provides coverage for nursing home or home care for one year or less.
The typical person buying short-term care insurance is between ages 65 and 74 having a net worth of less than $500,000. People who cannot qualify for long-term care insurance because of health reasons may be able to qualify for short-term care coverage. This kind of insurance does not usually require a medical exam and sometimes only has a few medical questions on the application. Another benefit of short-term care insurance is that there is usually not a deductible. The policies begin paying immediately, without the waiting period usually found in long-term care policies. These policies may be beneficial for individuals who waited too long to purchase long-term care insurance. They can also help fill gaps in Medicare coverage or cover the deductible period before long-term care insurance begins paying. The policies may be appealing to single women because there is no price difference for women and men, as there is for long-term care insurance.
To find out further information on this type of policy, a website that is available is www.aaltci.org/short-term-care-insurance/.
Ms. MacDonald’s practice is limited to Estate Planning, Probate & Trust Administration. Ms. MacDonald maintains her practice in the Santa Clarita Valley at 25115 Avenue Stanford, Suite A-209, Valencia, California. She can be reached at 661-294-6464.
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