Life Insurance - Long Term Care
As professionals, we spend a lot of our time advising our patients on long term care and perhaps do not consider this as an option for ourselves. The Medical Insurance Advisory Bureau (MIAB) understand that this is a niche market and as such has specialist trained advisers, who can provide help and guidance in this area.
Long Term Care
According to the National Office of Statistics (June 2010), the proportion of people over the age of 65 will total 23% of the population by 2034. However, as we get older, we need more healthcare – and we are more likely to require 24 hour a day support than the rest of the population. Long term care planning is a specialist area of financial planning which is designed to ensure you can pay the cost of medical expenses or care home fees if you are no longer able to live independently. There are many types of cover – from an immediate annuity, which pays an income to a care home in exchange for a lump sum, to a pre-funded insurance plan, where premiums are paid into a policy now, which will pay your fees in future – should they ever be required. Long Term Care cover is relatively expensive – but this is because the fees in care homes are expensive and continue to rise. Those who have equity in their houses or substantial savings may be happy to utilise those assets to help pay for any future requirements. However, this could jeopardise the chance of handing over your assets to children or other beneficiaries. Also with no guarantee of how long care fees will need to be funded, a non-insurance approach can prove a bit of a lottery as to whether there will be enough money available.
If you would like to know more about how The Medical Insurance Advisory Bureau can help you with this, please complete our online enquiry forms and one of our associate advisers will contact you. Alternatively you can call us on 01438 730210
