Everyone wishes to live a healthy life but getting sick sometimes is part of life. However, when a person falls sick to an illness or sustains an injury, the first step is to get proper treatment. The two types of diseases include acute and chronic ailments.
Acute illness is temporary, and a person can take certain medications to regain health. On the contrary, the chronic ailment continues for a long time, and the treatment includes operational procedures and therapy sessions.
Young people usually stay fit and healthy but do fall ill sometimes. But people in old age are more susceptible to getting sick, particularly chronic ailments. The cost of treating acute illness is quite less as compared to chronic illness. It is also why people in old age rely on medical insurance plans such as ‘Medicare’ and ‘Medicaid.’
When it comes to insurance coverage, ‘Medicare’ is the best plan for people at or above 65 years of age. The program covers most of the medical expenses but not some of the long-term health care.
The Importance of Short-Term Care
The term ‘short-term care’ from the name means health care that is provided for temporary purposes. Short-term care also goes by the name of ‘recovery care.’ Mostly the plan is best for an individual who has just left the hospital after surgery or getting treatment for an illness. The short term recovery care insurance is also for those who require convalescent care. A family usually takes care of their loved ones, but short-term care helps them take a break and relax a bit.
Most people believe in getting short-term care service, and they need to stay in a hospice, nursing home, or residential care home. However, the health facility can be given at home to patients who use wheelchairs and cannot move freely.
An expert and professional carer provide the necessary care to the ill person who needs time to recover. According to research, more than 90% of people will choose to get care at home if given a choice. Long-term care mostly starts after 90 days have passed, and people think that Medicare will cover it. However, only a few Medicare members get the full payment. You need to meet three requirements before Medicare can pay, which are
- You need to be in the hospital for 3 consecutive nights. For example, if a person has dementia and moves from home to nursing home, then Medicare will not cover it
- The treatment needs to come under skilled care. Medicare will not cover if someone needs a hip replacement in the plan of custodial care.
- You need to show improvement or progress with the treatment and care you are receiving
The Key Aspects of Short-Term Care Insurance
The best insurance coverage for specific situations concerning health expenses is the ‘short-term care plan.’ Most of its features are unique and differ from conventional health plans. The short-term plan can help you
- Manage if you are in the middle of different health plans
- Get enrolled in particular health plans
- Take benefit from certain medical coverage in times of an emergency
If it suits you, then you can buy a 1-year or even 90-day policy and pair it with the long-term policy if you have it. The policy can help you see the 90-day elimination period differently. You will be looking at the medical expense as a deductible which varies from one state to another.
The expected cost of staying in a nursing home is $300 to $400, multiplied by the 90-day stay. On average, you will be looking at a $30,000 to $40,000 deductible which can be covered with ‘short-term care.’
One factor you need to consider is that the short-term insurance depends on a certain plan and which insurance provider you buy it from. The plan does not have to necessarily comply with the Affordable Care Act (ACA), which is an advantage. The options that are included in the short-term care plan are
- Doctor visits
- Emergency care
- Preventive care
- Certain coverage for prescriptions
What is the Difference between Short-term Care and Respite Care
The focus of short term care is only delivering health facilities for one-time purposes. In most cases, short-term care is ideal for those adults who have a chronic illness and nearing the end of their life. The health care facilities are nearly the same as provided in long-term care. A qualified and trained carer provide various services to different patients, such as
- Those recovering from cancer treatment
- Ones recovering from a stroke
- People who need rehabilitative care
- Patients who require nurse-led care
Patients can get short-term care as a 24-hour live-in care arrangement which you can pay and get for a minimum of two weeks. The best feature is that the 2 weeks can be split according to the wishes and requirements of the family.
Meanwhile, respite care is also short-term care with flexible options for individuals or couples seeking medical care at home. A professional carer is responsible for taking care of the needs while the family carer can take a break. If a family member is taking care of the patient, then he/she can relax or catch up with the daily lift. The break due to respite care also helps to consider the emotional side of things.
As the live-in care is for two weeks, it is enough time for the family to see and decide which plan is most suitable. Not only the patient gets proper medical treatment, but the carer offers other services such as
- Social interaction
- Managing household chores
- Little physical activities
The Total Cost of Short-Term Insurance Plan?
In nearly every medical insurance plan, certain factors make up a total cost. The insurance providers usually have developed certain plans to pick the one that suits their needs and budget. The crucial factors that make up the short-term plan cost are
The one cost that is slightly higher than conventional health plans is ‘deductible.’ You will have to pay the medical expenses from your pocket until you meet the benchmark of the deductible. Once you reach the criteria, then the plan will bear the cost.
The most common cost of all insurance plan is a ‘premium’ which one has to pay every month. However, the cost of the premium depends on the plan you choose. It also depends on the deductible and coinsurance.
The fee that you need to pay when you visit a doctor is ‘copay,’ and you will have to pay at the same time too. But there are short-term plans where you can pay a copay for particular doctor visits.
A certain percentage of the costs you share with the short-term plan once you reach the deductible amount is ‘coinsurance.’ The deductible and coinsurance costs are included in most short-term insurance plans.
- Out-of-Pockets Expense
If particular health care services are not part of the plan, you will end up paying all the costs on your own. For instance, the short-term plan does not cover or has limited coverage for
- Maternity care
- Dental care
- Vision care
You will have to pay for the care services you receive that the short-term plan does not cover.
One can face a medical emergency suddenly, and it becomes difficult to manage without a health plan. The short-term insurance plan is the best option to fill in certain gaps or emergencies when you require financial support. You can easily pick a plan that suits you and cover the medical expense for a year.
Stacy Adams has been working in an insurance company for the last 5 years. She also likes to write for an online finance magazine and educate people on the intricacies of medical insurance. Those who want to ask particular questions regarding health care can reach her on social media.