LONG TERM – Many people have looked at Long-Term Care and felt they could not afford the coverage. The coverage is great, however; 1). The coverage can be expensive based on their income; 2). Stringent Underwriting; 3). Average elimination period is 90 days; 4). Carriers pulling out of the market and 5). Benefits must be for a period greater than one year.
SHORT TERM – Many people feel they need some coverage, but cost is a factor. Short-Term Care plan sales are increasing as consumers become aware of the benefits; 1). More affordable; 2). Easier to qualify for; 3). “Zero” elimination period option; 4). More carriers adding this product to their portfolio, and 5). Coverage for up to 360 days.
It is hard to admit, but as we age, you are more likely to have hip, knee or back problems or be at risk for a heart attack or stroke. Extended Care is usually needed in these situations.