Short Term Care
Short-term care insurance – sometimes called “recovery care” – usually provides benefits for a maximum of 12 months or less. These types of policies can be less expensive than traditional long-term care insurance, and the medical qualifications required for enrollment can be slightly easier.
Generally, benefits from a short term care policy are triggered the same way as benefits are triggered from a traditional long term care insurance policy. However, that is not always the case. Because they are relatively new to the market, these polices can vary greatly in the benefits offered. Some offer Prescription Drug benefits, some offer Dental/Vision benefits or Hospital Indemnity Benefits, or even Ambulance benefits, just to name a few. Underwriting requirements can also vary from company to company. Understanding these differences are why it’s so important to work with experts when you are presenting this coverage to your clients.
Why Agents Offer Short-Term Care Policies
Just as short-term care policies aren’t the best fit for every client, they aren’t always the best fit for Agents. Consider these questions:
- Do you have clients who have been turned down for traditional long term care insurance?
- Do you have clients who want some kind of long term care insurance but can’t afford a traditional policy?
- Are these plans beneficial for the people in your community and the areas you serve?
- Do you offer similar/competitive products?
There are many compelling reasons to offer short-term care policies, such as:
- You can offer coverage to those who can’t afford a traditional LTCi policy
- You can offer coverage to those who can’t health qualify for a traditional LTCi policy
- You can help families with some of the most difficult decisions of their life
- You can provide your clients with peace of mind
- You’ll be serving the needs of your clients and community
How to Get Started with Short-Term Care Policies
If you decide to offer short-term care policies, we recommend talking to someone from the Medicare Advisors team of experts. They’ll provide answers to your questions, and have tools available to support your new product offering.
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