Long Term Care
Healthier lifestyles and advances in medicine mean that you can
expect to live longer than your parents. You must, however, balance this good
news with
the increased possibility that you will suffer from an age related illness
or disability. As you grow older it may become more difficult for you to remain
independent, not just because of a medical condition, but because you may be
unable to carry out everyday tasks or activities
of daily living (ADLs) without
help.
Whilst more and more people will need care, less help is being provided by
the State and Local Authorities. As the cost of care increases and the proportion
of taxpayer's contribution decreases, only the very needy are likely to receive
assistance. Although the State and Local Authorities may provide some benefits,
they are likely to be subject to means testing.
Families are now smaller and there will be fewer younger relatives to rely
on. This means that community, residential and nursing home care are now playing
an increasingly important role.
Private Medical Insurance (PMI)
Good health is something we all take for granted. Many people are increasingly
seeing private medical insurance as a necessity rather than a luxury. This
could be due to the continuing debate over waiting lists for National Health
treatment and its quality of service that is often reported in the media.
Permanent Health Insurance
Long term ill-health, either as a result of an accident or serious illness,
can have a financially devastating effect on your family. How would you pay
the mortgage or general household bills? Permanent
health insurance gives the
policyholder the peace of mind of a regular income should they not be able
to work as a result of illness or injury.
Premiums differ depending on the type of plan, any options the plan may have,
and the company that issues it. It is possible to protect against inflation
in a policy by taking out an option, for a slightly higher premium, that automatically
increases the sum assured on a regular basis. Some insurance companies also
offer the ability to insure against unemployment as an additional option on
the policy.
Critical Illness Cover
Thanks to improved healthcare, you are more likely to survive a serious medical
condition than ever before. However, you would have to adjust your lifestyle
to suit your new circumstances. Critical
illness cover can enable you to receive
a cash lump sum, on diagnosis at the outset of an illness, minimising financial
hardship and stress within your family.
| The Financial Services Authority does not regulate advice on private
medical insurance and some critical illness, permanent health insurance
and long term care contracts, although it does regulate the financial soundness
of insurance companies. |
Hedgelands Financial Services Ltd, Hedgelands, Abbotskerswell, Newton
Abbot, TQ12 5PW
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Telephone
0845
165 1280
General Insurance
0845 165 1281
Fax
01626 332622
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