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Life Health > Life Insurance > Term Insurance

Short-term care insurance sales rise 20%

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U.S. sales of short-term care insurance (STCI) rose about 20 percent between 2014 and 2015, according to the American Association for Long-Term Care Insurance (AALTCI).

The average cost of an STCI policy increased 5.3 percent, to $1,043.

AALTCI based those figures on data from seven U.S. STCI issuers. The issuers provided information on 37,000 STCI policies sold in 2015.

See also: New short-term care group meets

An STCI policy can help pay the bills for up to 360 days of skilled nursing care, home health care or other services for insureds who need help to function but are no longer getting acute health care in a hospital.

About 90 percent of the consumers who bought STCI policies from the issuers that participated in the AALTCI survey were over 60, and 37 percent were ages 71 to 80.

See also: Short-term care products ping groups’ radar


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