MedAmerica Insurance Company is a subsidiary of a $5 billion not-for-profit health care company that finances and delivers health care to more than 2 million people. MedAmerica has been focused exclusively on providing financial solutions for chronic care situation since 1987. Known for their hassle-free service, strong financial performance, and commitment to improving aging adult’s quality of life, MedAmerica is now offering a new product called Transitions Short Term Recovery Care Insurance.
Short Term Care Insurance is made for when your client’s fall into a difficult time, whether in a nursing home, assisted living, or home care. It allows time for planning and making critical financial decisions between the incident and Long Term Care, if deemed necessary. This product was created specifically for your Baby Boomer clients; it is an innovative product that brings peace of mind to their families in times of crisis.
The Transitions product pays for daily charges up to a capped amount determined by the policy and also has a lifetime pool of money which can be restored after 180 days of not needing care. It offers an inflation option and has a waiver of premium, 21 day bed reservation, or 14 day respite care benefit if necessary. Plus, there is a 10% discount for clients with a spouse or domestic partner, regardless of whether one or both apply for coverage.
The policy also includes the MedAmerica MyCare Program, an optional program available at the time of claim that may not be necessary if the insured has a Long Term Care policy. MyCare provides expert advice, quality care assurance, and enhanced family connection. This benefit is paid out of the lifetime maximum pool, is up to 6 times the daily benefit maximum. The insured can access this when he or she is eligible for receiving payment of benefits.
Transitions has an easy design, process, and application. The application questions are Yes/No with quick underwriting leading to a much shorter decision period. Also, nine month advancing is available. Make sure your portfolio has this option available for when your clients request it.
PSM is excited to launch MedAmerica Transitions Short Term Care Insurance. Give your marketer a call today to get contracted.
Please give us your feedback!
Have you sold a Short Term Care product in the past? What tips do you have for those just looking to expand their business to include it?