Los Angeles, CA - November 24, 2015 - The vast majority of older Americans who need care today prefer to receive care in their own home. To help cover the costs for home care services as well as shorter nursing home stays, the National Advisory Center for Short Term Care released an analysis of cost data for various ages.
"Short term care insurance is a highly affordable way for many seniors to pay for the cost of care." explains Jesse Slome, director of the National Advisory Center for Short Term Care, a national advocacy and educational organization. "Most Americans have heard of long-term care insurance but have never heard of short term care insurance, which is gaining popularity as an affordable option."
The national short term care insurance expert shared examples of costs for approximately $30,000 of benefits for care at home, in an assisted living facility or even in a skilled nursing home. "Many aging Americans who need care, don't require more than $30,000 to pay for costs," Slome shared with insurance professionals. "For many, a short term care insurance policy is an affordable option. An added plus is that many insurers will accept older applicants, into their 70s and in some cases their 80s."
According to Slome, here are approximate annual costs for $30,000 of short term care insurance benefits at various ages. "The good news is that men and women pay the same for short term care insurance today," Slome adds.
Age 65: $32,000 of benefits with 30-day deductible: $ 580-per-year
Age 65: $32,000 of benefits with 0-day deductible: $ 660-per-year
Age 70: $32,000 of benefits with 30-day deductible: $ 864-per-year
Age 70: $32,000 of benefits with 0-day deductible: $ 981-per-year
Age 75: $32,000 of benefits with 30-day deductible: $1,412-per-year
Age 75: $32,000 of benefits with 0-day deductible: $1,605-per-year
The National Advisory Center for Short Term Care was established to created heightened awareness among consumers and support insurance professionals who market short term care insurance products. Part of the American Association for Long-Term Care Insurance (AALTCI) the organizations are headquartered in Westlake Village, CA. For more information visit the organization's website at www.shorttermcareinsurance.org. "
The American Association for Long Term Care Insurance (www.aaltci.org) is the national trade organization focused on educating individuals about the importance of planning for the risk of long term care. The American Association for Medicare Supplement Insurance (www.medicaresupp.org( focuses on Medigap industry issues and helps link consumers with Medicare Supplement agents. The National Advisory Center for Short Term Care was established in 2015 to build awareness for the important role short term care insurance plays in protecting seniors.