Medico Announces Agreement to Offer New Short-Term Care Insurance Product to AARP Members
American Enterprise Group, Inc. (AEG) announced Aug. 22, 2019, that Medico Insurance Company, one of AEG’s insurance subsidiaries, has an agreement that will allow AARP members to enroll in the AARP® Short-Term Care Insurance from Medico® product. This product, available exclusively to AARP members, is expected to be offered in several states in early 2020.
“As a leading provider of insurance to the 50-plus population, our mission is to create solutions that help customers secure their financial futures,” said Tom Swank, Chief Executive Officer of AEG. “We are pleased to have AARP’s brand on this important solution for AARP members. We look forward to helping customers plan for their future healthcare needs and strengthen their financial well-being.”
Medical and technological advancements now allow more people to recover or recuperate outside of a hospital setting. This has increased the need for Short-Term Care insurance, which can cover costs associated with transitional or in-home care. AARP Short-Term Care Insurance from Medico is designed to complement existing healthcare coverage as a part of a customer’s overall healthcare insurance protection plan.
“An important part of the value of AARP membership is access to exclusive products and services,” said John Larew, Senior Vice President of Branded Products at ASI. “We heard from members that they were concerned about the cost of transitional and in-home care. Medico showed great commitment in creating a short-term care offering that meets the high standards required of products bearing the AARP name.”
Anne Nizzi-Clark, Vice President of Health Product and Marketing at AEG, is excited about the opportunity to grow the Short-Term Care insurance market and believes this product is an ideal solution for this demographic.
“What makes AARP Short-Term Care Insurance from Medico unique is that customers are covered in five different facility types – nursing home, assisted living, home healthcare, hospice, and adult daycare,” said Nizzi-Clark. “This saves people from having to decide today what kind of care they might need in the future.”
According to the U.S. Census Bureau, the 50 and over age group in the United States currently equates to approximately 113 million people. This population segment is expected to increase by another 16% (or around 18 million people) by 2030. Nizzi-Clark said these consumers are looking forward to retirement and are starting to consider healthcare options as they age. This includes identifying and securing insurance coverages.
“AARP Short-Term Care Insurance from Medico works well because it gives consumers the flexibility to design a program that fits their needs,” said Nizzi-Clark. “At AEG, we recognize that people have different needs and challenges when it comes to healthcare. We are proud to be able to address this issue and offer a product that will be beneficial to those looking for new options as they create their personalized care plans for themselves or their loved ones.”
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 Americans 50 and older to choose how they live as they age. With nearly 38 million members and offices in every state, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, AARP works to strengthen communities and advocate for what matters most to families with a focus on health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP 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, 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; and pharmacy services. AARP Services also engages in new product development activities for AARP and provides certain consulting services to outside companies.