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It is better to look ahead and prepare then to look back and despair.
Long Term Care Insurance
“87% of the respondents in Singapore rated Singapore’s healthcare system as fairly or very good”. 2010 Accenture Citizen Experience Study, conducted by the Accenture Institute for Health and Public Service Value. However, with an ageing population, rising national wealth, technological advancement, means testing, reduction and/or removal of subsidies, health care cost has grown. Unfortunately, many Singaporeans are still unprepared for the rising healthcare cost.
Negligence
Do you know that Health Insurance is only a part of total health care insurance planning? Many neglect the importance of long-term care. Health insurance helps to reduce your family’s financial burden by paying fully or partially the hospital bills in the event of illness or injury. But, what about the bills you have to pay when you need to be looked after for an extended period of time due to severe disability? That is where Long Term Care (LTC) insurance comes in.
Long Term Care Insurance
Long-term care goes beyond medical care and nursing care to include all the assistance you would need, if you ever suffer from a chronic illness or disability that leaves you unable to care for yourself for an extended period of time. This expense can be very high and it could be a financial “black hole”.
- Long Term Care Insurance
- Is a severe disability insurance scheme that helps to transfer the risk of requires long term medical care and services to the insurer.
- Long-term care services
- Are needed when a person cannot perform certain "activities of daily living" (ADLs).
- The scope of activities of daily living includes:
- Bathing
- Dressing
- Transferring (getting from a bed to a chair)
- Toileting
- Feeding
- Mobility
- A good example of long term care insurance in Singapore is Eldershield.
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