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Centre for Policy on Ageing | |
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| Flexible and affordable methods of paying for long term care insurance | | Author(s) | Les Mayhew, Ben Rickayzen, David Smith |
| Corporate Author | Faculty or Actuarial Science and Insurance, Cass Business School, City University London; International Longevity Centre UK - ILC-UK |
| Publisher | International Longevity Centre UK - ILC-UK, London, January 2017 |
| Pages | 30 pp |
| Source | ILC-UK, 11 Tufton Street, London SW1P 3QB. Download also available at: http://www.ilcuk.org.uk/images/uploads/publication... |
| Keywords | Long-term care insurance ; Finance [care] ; Reports. |
| Annotation | With the dramatic increase expected in the number of older people requiring care and the tightening of public funding, individuals will be increasingly expected to contribute to and plan for their own care in later life. However, history shows us that people are very reluctant to save for their care, to the extent that there are no longer any providers of pre-funded long-term care insurance products in the UK to help address this problem. The authors consider a product which is a disability-linked annuity that provides benefit payments towards the cost of both domiciliary and residential nursing care. They also explore different methods of funding long term care insurance, by investigating four methods of payment: a one-off, up-front lump sum premium; a regular monthly or annual premium which ceases if and when benefits are triggered; a payment after death or entering long-term residential care using the value of the home upon sale, based on either a percentage of the housing equity, or at an agreed monetary amount. (RH). |
| Accession Number | CPA-170127001 B |
| Classmark | WPH: QC: 6K |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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