A new business group for the short-term care insurance (STCI) community held its first in-person meeting Wednesday in Rosemont, Ill., near Chicago.
The group, the National Advisory Center for Short Term Care Information, is an arm of the American Association for Long-Term Care Insurance (AALTCI).
The center represents insurers and distributors interested in STCI products.
STCI products can help consumers pay the bills for nursing home care, rehabilitation center care, or home health care for periods of up to 12 months. In some cases, the benefits are similar to those provided by long-term care insurance, or LTCI policies, but the maximum benefits durations are shorter.
Promoters of STCI products say they can help consumers fill in the recovery care gaps in typical commercial major medical insurance policies and Medicare plans.
The STCI community could face a need for a group that can represent it in regulatory proceedings, because some regulators and consumer group representatives have asked for more information about whether the products provide enough value to justify their cost.
Jesse Slome, executive director of AALTCI, spearheaded efforts to set up the STCI center and is the center’s director.