SOURCE: National Advisory Center for Short-Term Care Information

Short-term care insurance national advisory center

May 18, 2016 11:18 ET

Short-Term Care Insurance Guide for Consumers Published

The Essential Guide to Short-Term Care Insurance Protection Addresses Medicare Gaps and Long-Term Care Insurance Alternatives

LOS ANGELES, CA--(Marketwired - May 18, 2016) - A just-published guide for consumers explains how short-term care insurance benefits seniors on Medicare and is a viable long-term care insurance planning alternative.

"This is the first generic consumer guide focused specifically on short-term care insurance, sometimes referred to as recovery care coverage," explains Jesse Slome, director of the National Advisory Center for Short-Term Care Information (NAC-STCi). Slome is one of the nation's foremost insurance experts and author of the guide. Copies can be read on the Advisory Center's website.

Short-term care insurance policies offer benefits for many different types of health care and aging needs. "These policies are purchased by older adults to cover gaps in Medicare coverage or as an affordable alternative to traditional long-term care insurance protection," Slome notes.

"For many seniors considering long-term care insurance, cost, age or health is an issue," Slome adds. Short-term care insurance can provide benefits for home health care, assisted living facility care and skilled nursing home stays. Sales of short-term care insurance policies grew by 20 percent in 2015 compared to the prior year according to NAC-STCi.

"A short-term care insurance policy can provide benefits for one year, though some policies now offer the ability to double that," Slome explains. According to the American Association for Long-Term Care Insurance, 41 percent of long-term care insurance claims last one year or less. "The cost of traditional long-term care insurance protection is a reason many people forgo coverage today," Slome explains. "A short-term care policy will be more affordable and certainly can be suitable for many. When a spouse, family member or loved one needs care, having some insurance is always going to be better than having none."

Individuals interested in reading the Essential Guide To Short-Term Care Insurance Protection can access it via the Center's website No sign-in or personal information is required.

Find A Medicare Supplement Insurance Agent Directory Expanded

With 10,000 Americans turning 65 every day, interest in Medicare insurance options continues to grow. To help consumers learn more about Medicare Supplement insurance, the nation's leading online directory of knowledgeable Medicare Supplement agents has recently been expanded.

"Private insurers offer Medigap policies and prices for essentially identical plans can vary significantly," explains Slome, who organized the directory for the American Association for Medicare Supplement Insurance.

"Consumers who want information on the different Medicare Supplement plans and cost comparisons can find local Medicare Supplement agents for all 50 states," Slome notes. The directory currently lists agents by state. A zip code enhancement is planned by the organization to launch next year.

Long-Term Care Insurance Tax Deductions Often Overlooked

An estimated six million Americans have a long-term care insurance policy that meets Internal Revenue Service qualifications for a potential tax deduction. "A significant number of seniors are not aware or overlook the tax deduction for their long-term care insurance premiums," Slome shares.

"After retirement your income drops or ceases entirely and your deductible expenses for health care often increase," Slome explains. "A retired senior is far more likely to now qualify for tax deductible long-term care insurance premiums." The maximum deductible limit for an individual who is more than 70 is $4,870-per-person according to the American Association for Long-Term Care Insurance.

"The long-term care insurance tax deduction remains one of the best-kept secrets," Slome notes. "Retired taxpayers should not overlook the significant deduction on this valuable coverage."

Jesse Slome is a leading insurance expert who directs several national organizations. Slome is the author of over 20 consumer-educational guides on insurance and retirement planning topics.

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