If you're considering Permanent Life, here's what you should know:
For more information on Permanent Life insurance, please feel free to get in touch with us at any time.
Short-Term Care Insurance (STCI) can help pay for your medical care in an assisted-living facility or nursing home for a relatively short period (90 to 360 days) during recovery, convalescence, or recuperation when you can't take care of yourself - unlike Long-Term Care Insurance (LTCI), which provides coverage for two years to a lifetime.
Compared to LTC coverage, Short-Term Care policies are:
The STCI eligibility "triggers" are usually the same as those for Long-Term Care. The policy pays for care when you can't perform at least two of six "activities of daily living" without help - eating, bathing, transferring in and out of a chair or bed, dressing, toileting and continence - or suffers from a cognitive impairment.
Choosing STCI makes sense if you: 1) have around $20,000 to $60,000 in assets and need reimbursement for the cost of care during a relatively short recovery; or 2) can't meet the medical qualifications for LTCI or have waited so long to apply that you can no longer afford the premiums.
As insurance professionals, we'd be happy to help tailor a Short-Term Care policy that provides the protection you need at a price you can afford. Just give us a call.