Short Term care planning
Short Term Recovery Care Insurance
Is there a need for Short Term Recovery Care policies?
After reading about Medicare plans A, B and C, you might still be wondering where prescription drug coverage comes in, or how can you insure coverage for your medications. You'll find the answer in this next Medicare plan, or the final plan offered through Medicare, called Part D.
As over 10,000 Americans edge towards age 65 and retirement daily, the scope of your financial goals may be vastly different from your neighbor’s or family members’ goals. As you age, an increased emphasis will be placed on protecting your wealth and assets rather than exposing yourself to risk. Knowing this is the case, insurance carriers have wisely worked towards the creation of new product offerings that meet the need for both protection and affordability.
What does Medicare cover and how can I fill in an important gap?
Many people misunderstand what Medicare will and will not cover. Skilled nursing care is covered by Medicare after meeting specific criteria: First, Medicare Part A requires at least a three-day hospital confinement before they will cover the first 20 days of recovery and even then only covers skilled care. A Medicare recipient must also have the ability to get better, and lastly must continue to show improvement to receive full skill nursing care benefits. If this criteria is met and continues to be met, after 20 days Medicare coverage lessens and patients are required to pay a daily co-pay amount up to day 100. Medicare also only covers intermediate care for patients confined to their home. Unfortunately, there is a common misunderstanding regarding what Medicare will cover in the way of long term care, otherwise known as custodial care. The fact is, Medicare does not pay for this sort of care, leaving patients to cover the expenses out of pocket. This is where smart retirement planning and strict precautions should be taken to safeguard you and your family from financial crisis. Although medical advances continue, and it is becoming more common for patients to recover and rehabilitate faster, it is important to realize that one serious event can devastate your financial plans.
Realizing there are gaps that need to be filled, a silver lining can be found in the way of Short Term Care insurance, otherwise known as Recovery Care insurance. This sort of insurance can be a valuable and affordable addition to your financial planning portfolio. Recovery Care policies are meant to cover custodial care received in nursing homes, assisted living facilities and care provided at home. The plans are built for maximum coverage of 360 days but are commonly sold with lesser periods of covered days. According to the American Association for Long-Term Care Insurance, 42.8% of all patients admitted to nursing care facilities stay for less than one year. Knowing this is the case, you may well cover much or all of the costs of care you need with a plan much more affordable and easier to get than traditional Long-Term Care insurance.
So many purposes found in one vital insurance product:
Short Term Recovery Care products can meet the needs of an array of people with various financial needs. The insurance can be used to fill in the elimination (waiting) period for a more expensive and comprehensive Long Term Care policy, or for an individual spending down their assets to qualify for Medicaid. Simply stated, Short Term Care Recovery products are a well rounded offering built to meet the needs of many.