There are a growing number of senior citizens who are turning towards short-term care insurance policies. The sales of short-term care insurance policies has increased significantly over the past few years. “Short-term care insurance policies generally provide coverage for up to 360 days and can pay for home care assistance, assisted living and skilled nursing home care costs.” The purpose of this type of coverage is to help cash strapped senior citizens fill in the gaps for certain things that other sources of income are not sufficient for. The vast majority of buyers of short-term care insurance, more than 90 percent of them, are over the age of 60. As the elder population continues to grow the cost of certain types of end-of-life healthcare will likely skyrocket and these types of tools may become increasingly necessary.
See Karen Demasters, Short-Term Care Insurance Policies Increasing In Popularity, Financial Advisor, April 25, 2016.
