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What is a long term care insurance plan?.
Long term care insurance policies provide for the cost of needing care in a
nursing home or at home. In recent times there has been a growing need for
long term care cover because of the Government’s
problems in funding the cost of care for the elderly.
Long term care insurance premiums.
Premiums for long term care insurance can normally be paid regularly (eg
monthly) or by a single premium or a mixture.
Benefits can be designed to increase.
Making a long term care claim.
A claim will only be paid if the policyholder is unable to carry out
certain functions of daily activity without help, such as washing, using
the toilet, feeding and moving around the house.
Types of long term care insurance.
There are different types of care policies and it is important to
understand the key features of each plan.
If benefits are being funded in advance, there is a choice of protection
based and investment based products.
There is another type of product which can be used where immediate
benefits are required. Here a capital sum is used to buy an impaired
life annuity.
A higher income is often paid out from the annuity because having
obtained medical evidence, the underwriters may assess the annuitant as
having a reduced life expectancy.
Benefits form a long term care policy.
The benefits from long term care policies are generally not taxable as
in most cases, benefits are paid direct to the care provider.
For long term care policies See Financial Services Ltd act as an
introducer only.
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