Aetna /Continental Life Short-Term Care Insurance Review

Aetna offers limited benefit plans, not traditional Long-Term Care Insurance.

However, these policies can be very valuable as a solution for extended care needs.

Also known as "short-term care" policies, the Aetna plans are cash indemnity policies that pay the entire benefit amount in cash, no matter the cost of care incurred.

Aetna offers several limited-duration cash indemnity policies with expanded underwriting guidelines. Aetna markets these policies in several ways. Some insurance agents combine Aetna's Medicare Supplement policies with one of these products even though these Aetna plans are not "Long-Term Care Insurance" and are inappropriate in many situations.

Long-Term Care Insurance specialists use these products in three ways.

1. To provide some coverage for in-home and facility care for individuals who may otherwise be uninsurable due to pre-existing health issues.
2. To provide some coverage for in-home care and facility care for individuals outside the maximum age considered for Long-Term Care Insurance.
3. To provide coverage in combination with Long-Term Care Insurance to cover the elimination period or to add some additional coverage to an older policy.

As a major name brand in the insurance industry, Aetna provides quality options to address the high costs of in-home care or facility care (assisted living, rehab, memory care, or nursing home). Since it provides a cash benefit, you can use any provider you wish, including family members (once a care plan is established.)

Features Available with Aetna Limited Duration Plans include:

• Facility Daily Benefit from $10 to $400 a day
• Weekly Home Care Benefits from to $1200 a week *($3000 a week in Texas)
• Full Cash Benefit
• Facility Benefit Periods from 90 days to 360 days
• Home Care Benefit periods from 13 to 52 weeks
• Home Care Only Plan Available
• Elimination Periods of 0, 20, and 100 days
• Hospital Indemnity Benefit from $10 to $300 a Day
• Bed Reservation Benefit
• Hospice
• Restoration of Benefits Which Could Double Your Total Benefit

Aetna offers two primary products in this category.

• Recovery Care offers both facility care benefits and home care benefits, in addition to hospital indemnity.
• Home Care Plus offers home care benefits, hospital indemnity, and an ambulance and cancer benefit.

These products have never had a rate increase and have been available for decades. For anyone who wants some coverage at a lower cost or has health issues that make it more expensive or impossible to obtain a traditional Long-Term Care Insurance policy - including those over age 75 - this can be an ideal solution.

The Aetna plans are not available in every state. The underwriting consists of several "knock-out" health questions and a prescription drug check. The company has a comprehensive list of uninsurable medications. A specialist will review your health and medication history to determine insurability and with which product. Many medications may prohibit you from obtaining coverage from Aetna. You can get accurate quotes and product recommendations from these specialists.

The underwriting process is fairly quick. Some consumers will choose this type of product if they have been told they are uninsurable or traditional Long-Term Care Insurance or if they have been declined for coverage.

Keep in mind if an individual already requires care, these products would not be available.

Processing Claims

If you own an Aetna policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can be beneficial for the entire family - Filing a Long-Term Care Insurance Claim | LTC News

Partnership

Since Aetna policies are not traditional long-term care policies, they do not certify as a partnership policy under state and federal law. Nor do they meet the guidelines under Section 7702(b) of federal code and will not qualify the policyholder to opt-out of any state that has instituted the LTC Tax.

Get more details on the partnership program and other state-specific information by using the LTC Cost of Care Calculator. You can also see the current and future cost of long-term care services where you live by clicking here.

Significant premium differences exist between companies for the same benefits. Both limited duration policies and Long-Term Care Insurance premiums are calculated based on your selection of benefit levels you wish to have in place.

Premium calculations are based on your age and health at the time of application. Plus, you may qualify for discounts that might be available.

Every company has its own underwriting rules, which determine insurability and rate class.

An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.

You can find a qualified specialist representing the major insurance companies that offer these products by clicking here. A specialist will be able to compare the features, benefits, and costs of each policy.

Keep in mind that numerous state and federal regulations impact both limited duration policies and Long-Term Care Insurance. However, options and benefits do vary from company to company.

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. A Long-Term Care Specialist will ask you several detailed questions about your health to make the appropriate recommendation.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.

Because limited duration/short-term care insurance, like Long-Term Care Insurance, is custom designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you create your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:

• Safeguard income and savings
• Protect the lifestyle of your spouse/partner
• Provide options for quality care
• Reduce the stress and burdens otherwise placed on family members
• Give your adult children time to be family
• Provide a legacy for loved ones

State variations may apply.