Long-term care can be expensive, so many people use insurance to help with the costs. When deciding between short-term and long-term care insurance, consider their key differences to find the best fit for your needs.
Matthew Cleary offered some helpful guidance on selecting the right plan. If you are looking for something that is easy to qualify for, he suggests a short-term policy may be optimal because "long-term care policies involve a more rigorous underwriting process." Those on a tight budget may also find short-term policies better suit their needs because they are priced on a daily rate. If you end up needing more coverage, Cleary suggests you "piggyback a couple of short term care plans and have one take over when the first one is exhausted."
"For those unable to afford a long-term care policy, short-term insurance can provide a smaller amount of coverage to lessen the burden of a medical event."
Interested in learning more? Read the full CBS Moneywatch article here.
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