Short Term Care Insurance
Why Short Term care?
1. You may not be able to afford the cost of LTCI (long term care insurance).
2.You may not have enough assets to warrant LTCI
3.You may not have enough income to warrant LTCI
4. You may not qualify for LTCI due to pre-existing conditions.
5. You may not be a candidate for LTCI because of questions on your state’s “Suitability Form”
The problem
Patient stays in nursing homes (discharged days)
68% are THREE MONTHS OR LESS
76%are SIX MONTHS OR LESS
83% are TWELVE MONTHS OR LESS
The solution
1. 50 to 70% lower in price than Long Term Care Insurance (LTCI)
2.Less strict underwriting – simplified issue
3. No “Suitability Form” required
4. Plans available from 180-270-360 days of coverage
5. Not limited to “Skilled Care” – covers all levels of care in a nursing home
6. Issue ages may be available from age 18 to age 85
7. Benefits available from $50 to $300 per day
8. Benefit triggers include Medical Necessity as well as Cognitive or help with ADL’s
9. Possibility of Assisted Living, Home Health Care, and Spousal Discount riders
10. You select the benefits to meet your budget and needs
11. Level Premiums – Your premiums cannot be raised because of a change in your age or health
Contact Us
Find the cost of care in your area
A solution for you? Short term care insurance.
For some folks Long term care insurance might be too expensive. Short term care insurance has become more and more popular and may be something you should look into.
Why Short Term Care
UNDERSTANDING SHORT TERM CARE
WHY GOING UNDER OBSERVATION CAN COST YOU.
If you are in “observation”, and not admitted to the hospital, your Medicare coverage pays differently. See how here.
Helpful Links
Long Term Care Insurance
It is hard to know if and when one will need long term care and how much a long term care event may cost, but there are some statistics that may help.
For example:
- About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.1.
- An estimated 11 million U.S. adults need some type of long-term care.
- The lifetime probability of becoming disabled in at least two activities of daily living or being cognitively impaired is 68% for people age 65 and older.
- Just one hour of home-health-aide care costs roughly $20, while the average private nursing home room costs $87,000 a year, and neither routine employer-based medical insurance nor Medicare will pay for extended periods of custodial care.
The Indiana Long Term Care Insurance Program (ILTCIP) is an innovative partnership between the State of Indiana and private long-term care insurance companies. Indiana has taken the lead in helping residents protect their hard-earned savings from the high cost of long-term care.
2022 Indiana Partnership LTC Policy Requirements
- Minimum Daily Benefit – $115 per Day
- Total Asset Policy – Initial Policy Amount at least $451,515 (2023 – $474,091)
Why Long Term Care Insurance?
Click the banner to find quality senior care and living options near you
Helpful Links
Indiana Impoverishment Protection Law 2023 (Brochure Download)
Indiana Exempt and Non-Exempt Resources
Important Message from the Indiana Long Term Care Insurance Program.
The 2023 Self-Assessment Guide for Long Term Care Insurance
What You Should Know About Long Term Care
We are a full service Life/Health/Retirment Planning agency located in Lafayette Indiana, although we are licensed to do business in Illinios, Michigan, and Texas as well. We strive to have one of the largest portfolios available to independant agencies like ours so that we can always offer our clients the best value for thier hard earned money.