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Long Term Care

Long Term Care, is a type of insurance policy. The cost of having to live in a residential/nursing home, or to have home help, can be extremely expensive. The Government will not pay for this help, unless you have very little or no assets.

This means that if you have to receive help when you are older, you may have to sell off your assets to do so, cutting into any inheritance you wish to leave your loved ones.

Long term care

Long Term care is there to support you with any costs you may incur, whilst living in care. Depending on how much you have paid into the policy, it could pay out all or most of these costs.

You can pay your premium; monthly, yearly, or in lump-sum payments. The size of your premium will depend on the following factors:

  • Your age; the younger you are when you take out the policy, the less you will have to pay in per month.
  • Your gender; due to the fact that, statistically speaking, women live longer than men; payments may be different for men and women of the same age.
  • Your medical history (not all insurance companies will ask you for this); previous illnesses, which increase the chance of you going into care younger, may increase your premiums.

Whether you should consider taking out a policy for Long Term Care, depends upon your circumstances, if you already have an extensive pension plan, through which, you know you will be receiving a large enough income to support yourself, then Long Term Care would not usually be necessary, however if your pension does not give you a large enough income to pay for care (which can be very expensive), then it is a very wise option for you to consider. Make sure however that whilst you are looking into setting up a Long Term Care policy, you look at the policies of a few providers, so you can get the policy and the price that best suits you.

Health Insurance Partners