Los Angeles, CA, June 01, 2017 --(PR.com
)-- As millions of seniors face a growing mountain of bills for the prescription drugs they take, an overlooked insurance policy could provide some benefit.
"The median out-of-pocket cost for the top 100 drugs taken by sessions with Medicare prescription drug coverage was $376 in 2015," explains Jesse Slome, director of the National Advisory Center for Short-Term Care Information. "That's up 32 percent from 2011." Slome cited the article in today's Wall Street Journal as he briefed insurance agents who market short-term care insurance solutions, a form of protection that is especially beneficial to seniors.
"The problem is only getting worse and millions of seniors are facing a choice of being willing and able to afford the medications they need," Slome added. According to the Wall Street Journal article, Slome shared that drug prices have grown by an average 14 percent a year from 2011 to 2015.
Slome urged the insurance professionals to increase their familiarity with short-term care insurance products, some of which offer substantial coverage for prescription drug expenses. "There are a couple of policies today that offer seniors what we call the 1-2 benefit," Slome shared with the agents. "They can provide an immediate coverage for prescription drug costs, typically a maximum of $250 a year as well as some longer-term potential benefits in the form of home health care aids which seniors may need due to conditions often associated with long-term care needs."
While short-term care insurance products are not available in all states, there is growing interest in the products. "Agents who sell Medicare Supplement and even some Medicare Advantage solutions understand the role these products can play in helping their clients and prospects," Slome added.
The National Advisory Center for Short-Term Care Information recommended that insurance agents interested in learning more about the category watch a presentation given by Slome at the recent national industry conference that took place in Dallas Texas. To access the video go to www.shorttermcareinsurance.org/sell or call the organization at 818-597-3205 to learn more.