We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.
Both short- and long-term care coverage can come in handy during your senior years, but you’ll want to determine which one makes more sense for your situation. Getty Images
The high cost of long-term care, whether it’s nursing home or caretaker services, can be financially devastating for seniors. Depending on the level of help you need, it could mean paying anywhere from $2,000 to $10,000 per month or more — or about $24,000 to $120,000 per year, according to data from Genworth.
While Medicare won’t cover the majority of these costs, some insurance plans — called long-term care insurance or short-term care insurance — will. That said, these two options differ in terms of cost, coverage, eligibility requirements and other important factors, so it’s important to understand how each type of policy works before deciding which one is best for you.
Interested in what long-term care insurance can offer you? Compare your policy options now.
Short-term vs. long-term care insurance: Which option is right for you?
Here’s what to know about long-term and short-term care insurance — and which may be right for your situation.
The length of care matters
As the names suggest, short-term care insurance provides coverage for a shorter period of time — typically up to one or two years on average. Long-term care insurance, on the other hand, can be used for much longer periods.
Short-term vs. long-term care insurance: Which option is right for you?
