According to an article at Financial Advisor online, more seniors are purchasing short-term care insurance policies to help with the costs of care. As the name implies, a short term care policy generally provides coverage for a maximum of 360 days, and can pay for assisted living, home care assistance and skilled nursing home care costs. Short-term care insurance helps seniors cover gaps in Medicare and can be an alternative to long-term care insurance when age, cost, or other factors are issues. The cost is substantially less than that of long-term care insurance. Over 90 percent of the purchasers of short-term care insurance are over the age of 60.
If you or a loved one are considering alternatives to paying for costs associated with care assistance or nursing home care, short-term care insurance may be an attractive option. As with any insurance purchase decision, don’t invest unless you know how the policy works and fully understand its terms, including its exceptions and exclusions.
Please read the entire article here.