American Enterprise Group subsidiary Medico Insurance Co. has launched AARP Short-Term Care Insurance from Medico. AARP members in South Carolina are among the first of 17 states to have access to the new product.
According to a news release, the new product complements other insurance and helps fill coverage gaps. The insurance covers five types of extended care for up to 360 days, including in-home, nursing home, assisted living, adult day care and hospice. The insurance also includes well-care coordination and household assistance like yard maintenance and house cleaning for those who are eligible, the release said.
“Our focus is on helping protect the health and wealth of our customers,” said Tom Swank, CEO of American Enterprise Group. “We identified gaps in short-term care coverage for individuals over the age of 50 and designed this important insurance solution to strengthen an individual’s overall financial preparedness strategy and future care plan.”
AARP Short-Term Care Insurance from Medico is customizable for individual needs, according to Anne Nizzi-Clark, vice president of health product and marketing at American Enterprise Group.
The 50 and over age group in the United States is expected to increase to 131 million people by 2030, according to the U.S. Census Bureau.
“The demand for quality care options continues to increase as society’s overall life expectancy increases,” Nizzi-Clark said. “There is a growing need for affordable coverage options like this for individuals who want to better plan for their futures and support their loved ones during times of uncertainty.”p