Short-term care insurance will be focus of consumer education effort
A national advertising effort that a professional society says is the first to inform consumers of insurance that could cover the cost of assisted living has been announced.
“For many consumers, this will be the first time they have even heard of short-term care insurance, also referred to as recovery care protection,” said Jesse Slome, director of the National Advisory Center for Short-Term Care Information, which is sponsored by the American Association for Long-Term Care Insurance. “Short-term care insurance can help fill gaps in Medicare coverage and can be an affordable long-term care planning option for seniors when cost, age or health is an issue,” Slome added.
The insurance can be used to pay for assisted living, home care or skilled nursing home care, according to the center.
Seven companies are underwriting the awareness effort: Aetna Senior Solutions, Bankers Fidelity Life Insurance Co., Bankers Life and Casualty Co., Equitable Life & Casualty, Kemper Senior Solutions, Medico Insurance Co. and Standard Life & Accident Insurance Co.
The effort's first ad will appear in the July issue of Kiplinger's Personal Finance magazine.
“We selected Kiplinger's for our first ad effort because of their penetration among individuals age 60 and older who are planners and show interest in protecting their financial future,” Slome said. The ad will direct consumers to the association's new website, where they will be able to access a free consumer guide to short-term care insurance.