When it comes to long-term-care planning, some consumers are starting to think short term. People who can't qualify for -- or can't afford -- long-term-care insurance are increasingly turning to short-term-care policies, which offer benefits for up to one year.
Short-term-care policies have lower premiums and looser underwriting standards than long-term-care policies, making them more accessible to people with health problems. But patients who end up needing extended care will find that these policies are sorely lacking. And short-term-care policies may not cover all the levels of care that a long-term policy would cover. Some short-term policies only cover home care, while others will only pay for care in a facility.