An option is what’s called short-term care insurance, now available from a number of companies. “There is currently a significant opportunity for Colorado seniors to get coverage at a significant savings,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.

Colorado Long-Term Care Plan Savings

A just concluded analysis found that a 70-year-old Colorado woman could buy coverage for less than half of what a 70-year old woman in Chicago would pay.

“Each insurer establishes their pricing and often you can find and take advantage of some significant savings,” Slome explains. The Association was looking into home care benefits. “Most seniors today want the ability to age and ultimately receive care in their own home,” Slome notes. “Indeed most long-term care is provided in the home and that’s where a home care policy can be very beneficial.”

In this particular instance, the Association was looking at a policy that provided $1,050 in weekly home care benefits for a 52 week period. “In Denver, Colorado a 70-year-old woman would pay $519 for $54,600 of potential benefits,” the Association director shares. “In Chicago, a 70-year-old woman would pay $1,133 yearly for identical coverage.”

To learn more about long-term care planning, call the American Association for Long-Term Care Insurance at 818-597-3227 or visit the organization’s website at https://www.aaltci.org.

Short-Term Care Insurance (STCI) presents a more affordable alternative to traditional long-term care insurance. For many seniors in Colorado, the cost of long-term care can be prohibitive, with monthly expenses ranging from $2,000 to $10,000 or more. STCI policies typically range from $50 to $200 per month, making them a viable option for those on a tighter budget. Additionally, STCI often has simpler qualification processes compared to long-term care insurance, which may involve extensive medical evaluations.

One significant advantage of STCI is that it usually comes with a 0-day deductible period. This means that benefits kick in immediately upon qualifying for coverage—an essential feature for seniors who may face sudden health issues or accidents requiring immediate assistance. Furthermore, STCI can complement Medicare coverage by providing additional financial support without overlapping restrictions found in traditional long-term care policies.

Many health issues requiring care are often resolved within a year; thus, STCI is tailored to meet these short-term needs effectively. It covers various services such as home health aides and nursing home stays for up to one year, ensuring that seniors receive necessary support during recovery periods without incurring overwhelming expenses.

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“Short-term care insurance is one of the best kept secrets for men and women who have issues when it comes to long-term care insurance planning,” states Jesse Slome, director of the American Association for Long-Term Care Insurance.

“It is the ideal option for those who cannot health qualify, or those who are too old or who merely want a lower-cost option.”

Short-term care insurance policies are available in many states.

This special form of protection can provide similar benefits to traditional long-term care insurance.  While traditional long-term care insurance companies generally stop accepting applications after age 75, short-term care policies may be purchased up to age 85.

“Polices can pay for care at home as well as in skilled settings such as nursing homes,” Slome explains.  “There are some significant differences and even some advantages that make this an option worth considering.”

The long-term care insurance expert notes that short-term care insurance policies are generally simpler to health-qualify for.  “There are plans with just a few health-related questions,” Slome adds.  “Many older men and women have some existing health issues that make them ineligible for traditional long-term care insurance.  Short-term care coverage may be just what the doctor ordered.”

Short-term care insurance policies generally charge women the same premium as men according to Slome.  “That can be a significant advantage especially for older women on their own,” he notes.  Traditional LTC insurance policies generally charge women around 30-to-40 percent more than men.

The Association’s 1-Minute Primer provides an overview of the benefits of these policies.  A map showing states where the policies are available is included.  Pricing examples for both men and women ages 65 and 75 are shown.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions.

To access the short-term care insurance information, visit the organization’s website at https://www.aaltci.org/short-term-care-insurance/.   To obtain short-term care insurance costs from a specialist in both short-term and long-term care insurance call the organization at 818-597-3227 or visit their website www.aaltci.org.

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National Advisory Center for Short Term Care director expert Jesse Slome

Los Angeles, CA – August 18, 2015 – Sales of short-term care insurance increased for the first six months of 2015 according to a just released industry study.   According to the National Advisory Center for Short Term Care Information, the number of new policies sold increased 71 percent and premium increased 54 percent.

“There is heightened interest for short-term care insurance policies among agents who recognize they meet the needs of individuals, especially those who cannot afford or health-qualify for traditional long-term care insurance,” explains Jesse Slome, director of the National Advisory Center.  The new organization, established as part of the American Association for Long-Term Care Insurance, is working to increase awareness among both insurance professionals and consumers.

The first industry benchmark study conducted by the trade group collected sales and buyer data from nine leading insurers who market short-term care insurance policies.  The insurers represent the majority of short-term care insurance policy sales.    According to the study, some 30,725 policies were sold in 2014.   ”Insurers participating in the study reported 26,237 policies sold during the first six months of the year,” Slome notes.

Short-term care insurance policies provide benefits for up to one year.  “Many of these products have simplified health underwriting which makes them ideal options for individuals with health issues,” Slome explains.   Of the nine insurers participating, seven had policies that covered skilled nursing home care, eight covered home health care and six provided benefits for assisted living community care.

The National Advisory Center for Short Term Care Information was founded to create awareness among consumers and support insurance professionals who sell to individuals and groups.  For more information, visit the organization’s website www.shorttermcareinsurance.org.   For information on long-term care insurance visit the American Association for Long-Term Care Insurance’s website at www.aaltci.org.

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National Advisory Center for Short Term Care director expert Jesse Slome

July 15, 2015, Los Angeles, CA –   A study of twelve short term care insurance policies examines policy features including Benefit Period, Elimination Period and Optional Riders.

The study was conducted by CSG Actuarial and reported by the National Advisory Center for Short Term Care Information, part of the American Association for Long Term Care Insurance (AALTCI).

“Changes in health care insurance benefits, Medicare coverage and long-term care insurance are creating heightened interest in short-term care or recovery care products,” explains Jesse Slome, director of the National Advisory Center for Short Term Care Information.  Short-term care products are defined as those providing coverage for one year or less.

“There is potential for significant growth,” says Bryan Neary, FSA, MAAA, Principal and Consulting Actuary for Omaha-based CSG Actuarial.  “Several new insurers are entering the marketplace and policy sales and premium should grow in the years to come.”

According to the study, 91.7 percent of the companies offered policies with a 360 day Benefit Period (BP).  Some 83.3 percent offered a 150-200 day option and half (50.0%) offered a 90-day BP.

“One of the features that makes these products extremely attractive is the ability to select a 0-day Elimination Period (EP),” Slome explains.  “Most traditional long-term care insurance policies require that a doctor certify a need for care lasting longer than 90 days and have a 90-day EP.  With a 0-day EP the policyholder accesses policy benefits early on when they need care.”

The study found that 66.7 percent of available policies offered a 0-day Elimination Period.  Some 75 percent offered a 20-day EP and a third (33.3%) offered a 30-day E.P.

Just over half of the policies (58.3%) offered an inflation growth rider that increased base benefits by five percent compounded annually.  Half (50.0%) offered an five percent simple inflation option.

Based in Los Angeles, CA., the American Association for Long-Term Care Insurance and the National Advisory Center for Short Term Care Information were established to create consumer awareness and support insurance professionals who market protection products.  To learn more about short-term care insurance products, visit the special section within the AALTCI website (www.aaltci.org/stc).

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