When consumers think of insurance, the traditional long-term policies come to mind. However, for many people, a long-term policy is either too expensive, not obtainable or not needed. A Short-Term Care Policy is an insurance plan that typically covers a time span of 12 months or less and is a great option.
I can not get approved for a long-term health insurance policy, does this affect my chances for a short-term policy?
No, for those who are having trouble obtaining a long-term policy, age, health and costs are the biggest factors that keep patients from getting approved. A short-term policy can avoid all three of these factors because the benefits are available almost instantly, the term is less than traditional insurance and it does not hurt your chances of being approved if you have waited to apply.
I need a policy soon, how quickly can I receive benefits?
Short-Term care is usually available immediately, while long-term care can take an average of 90 days to get approved. Short-Term care is a great option for individuals who need to cover the time between an insurance policy switch, a transition between jobs or any other scenario where insurance may have lapsed. It can even be combined with Medicare to help alleviate the cost.
Short-term coverage does not renew automatically, so you must reapply each time. Be sure to investigate how long your specific policy lasts and reapply at the appropriate time.
How long does short-term care last?
Policy lengths change between states, but usually last 3, 6 or 12 months. Research short-term policies in your state to learn how long care policies last in your area and how often you need to reapply.
I can not afford a long-term policy, is short-term care more affordable?
Yes, a short-term policy is cheaper than a long-term insurance plan. These policies can be customized to fit your needs. For example, a higher daily benefit will be more expensive than a lower benefit but keep in mind short-term plans only last a year or less.
When it comes to deciding on a policy, money is crucial. The best option will be the one with minimal additional fees and costs. A medical exam is an extra cost that is not required with most short-term care policies. These policies can also cover costs for an assisted living facility, a nursing home, or even in-home care. Most policies will have “caps” or limits on the dollar amount they will cover. These numbers are important to be familiar with throughout your policy.
What does a short-term care policy cover?
A typical short-term care policy will cover doctor visits, emergency visits, unexpected surgeries, x rays, and prescription drugs. The policy will cover new medical conditions but usually will not cover pre-existing ones. Short-term plans do not cover as much as a major medical long-term plan, so review the specifics for each policy before applying. Coverage also changes between states, so review what each state and policy provider offers to make sure you are getting the best one for you.
We hope this helped you and answer a few of your short-term policy questions! Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at www.carefinancialonline.com or call us at 251-633-7122.