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.
There are differences between the policy language and benefits between companies that offer these limited duration/short-term care products. Key differences exist in this product category, and it is essential to know and understand the differences between Aetna and other companies.
Compared to traditional long-term care insurance companies, Aetna offers several limited-duration policies with expanded underwriting guidelines. These plans offer cash benefits, and you get the full benefit no matter the cost of care when you qualify for benefits.
Aetna markets these policies as an affordable option for people who may suffer from chronic health issues, those who may be older and outside the age range of traditional plans, or those looking for extended care coverage at a lower cost.
These policies can also be added to an existing older Long-Term Care Insurance policy to provide additional benefits at a low cost.
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 $300 a day
- Weekly Home Care Benefits from to $1200 a week
- 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
- 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 the 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.
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
Since Aetna policies are not a traditional long-term care policy, they do not certify as a partnership policy under state and federal law.
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. Aetna focuses on several 'knock-out' health questions and reviewing your medications, and many medications may prohibit you from obtaining coverage from Aetna.
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.
Keep in mind, 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.
Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy.
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.