Long-Term Care Insurance

 

What is Long-Term Care Insurance?


Long-term care insurance differs from other insurance policies such as critical illness insurance in that it is not used when a person is diagnosed with a specific illness, but is used when a person is unable to perform daily life activities such as bathing, dressing and walking on their own without the regular assistance of a family member or caregiver.

Most people think that this type of insurance will only be used by older people but in fact about 40% of long-term care insurance is used by those people under the age of 65. For those people under the age of 65 and apply such a policy, this will be the case if they have a disease such as Parkinson's disease or a recent dementia that can only occur in those in their early 50's.

For people over the age of 65, about 60 percent of them will need some care in their lifetime. If you add this fact to growing older people, it can be a worrying thought of how you will pay for care in the future. Generally, you can hope to make lifelong tax contributions, which may be covered if you need some care at a time, but with the UK health budget declining, this is less likely for people in their thirties or early forties at the moment.

The Dilnot Commission on Funding of Care and Support report released in 2011, said the government would fully review how care in the UK would be delivered and paid for in the future, but these thoughts and ideas were not cemented until today.

What are the coverage of long-term care insurance?


Usually it will include the following:

home care

to help with health care

residential care

care or nursing homes

specialized areas such as mental health care

adult child care services

other respiratory care items

hospice care


Are there many types of long-term care insurance policies?

There are many different types of long-term care strategies. Some of them, however, are not limited to:

emergency pension

pre-funded care programs

advanced pensions

disbursement plans

savings and investment

So when you have short term care insurance. it is certainly something we will think about more as the years go by.

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