When you need help in covering some of the expenses, both away and at home.
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Reasons for Short term care
You had a medical procedure and are out of the hospital what can you do? For temporary medical aftercare such as surgery, injury, illness, or other medical condition you would use a short-term care policy. The goal in the short term is to speed the recovery with assisted medical providers.
Having the financial resources to meet these issues is of concern to many people as they age. Be sure to discuss with your agent to see if a policy is right for you.
What is Short-term care
Short-Term Care insurance (STCi) policy provides coverage for 1 year or less.
For many people, this is a very appropriate as around half of long-term care insurance claims were for 1 year or less. Your typical short-term care occurs following surgery, injury, illness, or other medical condition. Services typically last several weeks or a few months, or sometimes longer depending on the severity of the condition being treated.
The many policies have an Elimination Periods (vary in length) and a full year of benefits. Simply, that means that some policy pays on the very first day one qualifies for benefits and others there is a short waiting period compared to many traditional long-term care insurance policies sold with a 90-Day elimination period. Be sure to discuss with your agent the length of deductible you can afford to wait before benefits are paid.
Short-term care can pay in addition to Medicare -- something a traditional Long-Term Care Insurance policy is prohibited from doing.