New Short-Term Care Insurance Has Some Attractive Features

LOS ANGELES - Oct. 7, 2024 - PRLog -- The latest short-term care insurance policy introduced to the public offers several things that will make it attractive to both consumers and agents reports Jesse Slome, director of the American Association for Long-Term Care Insurance.

"There are a number of reasons why I've been a long-time advocate for policies that we refer to as short-term care insurance," explains Slome. These policies can provide coverage similar to long-term care insurance except they limit benefits generally to 360 days or 52 weeks.

The newest short-term care insurance policy to hit the marketplace comes from Wellabe, formerly going by the name Medico Insurance Company. "The most important aspect is that this policy focuses on home care," Slome notes. "That's what the majority of seniors want today; the ability to age in place and avoid going into a skilled care facility."

"Agents who've delved into the policy particularly like the health underwriting options," Slome explains. "There is only one health-related knock out question which opens the door for prospects who have some cancer-related or other common health issues."

"Short-term care insurance is the ideal option for consumers who may not qualify for traditional long-term care insurance, who waited too long to apply or for whom cost is an issue," Slome cites. "These policies are especially attractive for older women who are single, divorced or widowed because they don't pay the significant added differential found with traditional LTC policies."

Slome noted the policy includes two consumer-friendly features that he feels add value. "There is a $500 home modification benefit and a $500 care coordination benefit," he notes. "The company should be commended for including these two features.

To learn more about the new product, and watch a video for agents recorded by Slome, go to https://www.aaltci.org/wellabe-short-term-care-insurance/.