Medico Announces Launch of AARP® Short-Term Care Insurance from Medico®
New product helps address the need for future care planning while providing flexibility in coverage options and value-added benefits
Feb. 10, 2020
Medico Insurance Company, a subsidiary of American Enterprise Group, recognizes the need to help secure the financial futures of their customers as Americans live longer and healthcare costs continue to rise. Medico is pleased to announce it has launched AARP®
Short-Term Care Insurance from Medico®
for AARP members in select states.
“Our focus is on helping protect the health and wealth of our customers,” said Tom Swank, CEO at AEG. “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.”
According to the Centers for Disease Control and Prevention, more than 4 million Americans have spent up to one year receiving care at a long-term healthcare or rehabilitation facility. This can cause a tremendous financial and emotional burden, especially in the early days of care when the overall needs and timeline remain unknown.
"AARP Short-Term Care Insurance from Medico offers individuals the flexibility to customize the components of their care plan to meet their specific needs,” said Anne Nizzi-Clark, Vice President of Health Product and Marketing at AEG. “And when the need for care arises, the plan covers care for individuals receiving care in-home, at assisted living or nursing home facilities, or through adult daycare or hospice organizations. This provides peace of mind that consumers will have the option to choose the type of extended care they need when they need it.”
To provide additional value for AARP members, a care coordination benefit and a household assistance benefit are included with the plan. These features allow those eligible to receive benefits to be reimbursed for a portion of the cost of services to plan and coordinate care or household assistance such as yard maintenance, or house cleaning.
According to the U.S. Census Bureau, the 50 and over age group in the United States is expected to increase to 131 million people by 2030. AARP Short-Term Care Insurance from Medico supports this growing population as their care needs evolve, as well as the 40 million Americans who are currently caregivers, as they begin to understand the need to plan for their own future care.
“The demand for quality care options continues to increase as society’s overall life expectancy increases,” added Nizzi-Clark. “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. AARP Short-Term Care Insurance from Medico is an important piece of financial planning for aging Americans.”
AARP Short-Term Care Insurance from Medico is now available in 17 states, with additional states to be announced later this year. For more information on product features and availability, visit aarpshort-termcareinsurance.com
or call 800-547-2401
About American Enterprise Group, Inc.
American Enterprise Group, Inc., has multiple insurance company subsidiaries under the American Republic®, Great Western Insurance Company (GWIC®), and Medico® brands. These companies offer life and health insurance product solutions to help people secure their financial futures through various distribution channels and are licensed in 49 states, plus the District of Columbia. American Enterprise is based in Des Moines, Iowa, and employs approximately 450 people in its Des Moines, Iowa; Omaha, Nebraska; and Ogden, Utah, offices.
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org
or follow @AARP and @AARPadvocates on social media.
About AARP Services, Inc.
AARP Services, Inc., founded in 1999, is a wholly-owned taxable subsidiary of AARP. AARP Services manages the provider relationships for and performs quality control oversight of the wide range of products and services that carry the AARP name and are made available by independent providers as benefits to AARP’s millions of members. The provider offers currently span health products, financial products, travel and leisure products, and life event services. Specific products include Medicare supplemental insurance; credit cards; auto and home, mobile home and motorcycle insurance; life insurance and annuities; member discounts on rental cars, cruises, vacation packages and lodging; special offers on technology and gifts; pharmacy services and legal services. AARP Services also engages in new product development activities for AARP and provides certain consulting services to outside companies.