Continuing pressure on the long-term care insurance (LTCI) market is pushing buyers, and issuers, into the short-term care insurance (STCI) market.
The number of policies sold in the first half of the year increased 71 percent, to 26,237, according to the National Advisory Center for Short Term Care Information, a new affiliate of the American Association for Long-Term Care Insurance (AALTCI).
The total amount of premiums associated with new STCI policy sales increased 54 percent.
The STCI advisory center based the figures on results from a survey of nine STC product issuers.
The advisory center defines an STCI product as an insurance arrangement that pays for skilled nursing facility care, home health care or other types of non-acute care for a period of up to one year. Seven of the STCI survey participants sold products that cover skilled nursing home care, and eight sold products that cover home health care. Six offer benefits for assisted living community care.