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September 4, 2015

Why should you consider Short Term Care Insurance?

Seniors are facing increases in gaps in Medicare coverage.  STC plans offer a low cost way to fill those gaps.  Did you know that if you are hospitalized under “observation status” and need to be transferred to a skilled nursing facility, Medicare won’t pay for the first 21 days?  Most people assume that when they are in a hospital, in a bed they are “inpatient”.  Not necessarily.  Medicare rules stipulate that a person be an inpatient in a hospital for 3 days before being transferred to a skilled nursing facility to have Medicare pay for the first 21 days.  Some people may be thinking “it’s OK.  I have a Plan F Supplement Plan and it pays for everything”.  Once again, not necessarily.  If Medicare doesn’t pay it’s 80% share, the plan won’t pay anything.  That is true of every Medicare Supplement plan out there.

What happens if you are single or if your significant other can’t care for you at home?  A Short Term Care Plan can help with home health services.  Did you know that a STC plan can give you faster access to benefits than a Long Term Care Plan?  Long Term Plans usually require that you need benefits for over 90 days.  STC plans can cover you from day 1.

Who buys STC plans?  91% of the buyers are over age 61.  Most people delay planning for future needs until they need them.  The longer you wait the more expensive plans are.  By the time some people think about getting a Long Term Care plan, it is too expensive or they no longer will qualify for it medically.  A STC plan may be the perfect solution.  Call me to see if a Short Term Care Plan is right for you.DSCN0327

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