Long-term Care Insurance in South Africa

Long-term Care Insurance in South Africa
Long term care insurance, Long-term care insurance quote

Financing that gives you instant access to funds in the unfortunate event of illness or disability.

Most health care policies cover medical care for a limited period of time and not for the long term. Unlike most insurance plans in South Africa, long term care insurance covers the expenses related to supplying facilities and care designed to help disabled people maintain their regular daily routines.

In South Africa long term care insurance is a type of health insurance that has unique features such as long term cover and not just short-term benefits. Another drawback of medical aid is that policies are fairly unequal and offer short term assistance only. 

With characteristics similar to those of standard health policies or medical aid cover, this cover is not widely known even though it should be. Another aspect that makes it unique is that long term insurance policies reimburse the policyholder daily with a given amount amount to cover crucial services to help them with activities that may include bathing, eating as well clothing among other things.

It is Unique to South Africa

Remarkably, the aspect, of paying for the supply of facilities and services for long term illness and disability is unique to the South Africa, and a long term insurance scheme is still not offered by health insurance covers all over the world including some insurance companies domestically. 

An Important Question to Answer

As with other insurance plans, there are factors that you consider before you apply. There is a specific question that you need to answer before you apply for the long term care insurance. This question is; do you want the cover to take care of you at home or at a nursing home? There are also three choices, to consider such as assisted home living, home health aid or nursing home cover.

Who is Long-term Care Insurance for?

This policy is designed for individuals who become ill, disabled or paralysed temporarily or permanently. The paralysis may be caused by a particular medical condition and the individual may want to continue to lead a self-sufficient life like they used to previously.

Due to lack of knowledge, this type of cover is confused for old age term life insurance and even regular medical aid. Most people think the policies are designed for people over the age of 60 years. In reality, there are many medical conditions that could have a long-term negative effect on your health at any moment irrespective of your age.

The devastating result at the end of the day could be disability and helplessness. When such an occurrence takes place, you will need the nursing aspect of the long-term care insurance cover so that you do not entirely rely on others for your day to day activities.

Self Sufficiency is Priceless

In the event of such an accident happening to you, you may need the help from others to perform daily activities. However, if the condition is permanent, over a period of time you may become a burden to those offering help. So, for self-assistance and flexibility during disability, it is imperative that you review these diverse insurance plans that also offer a variety of healthcare services.

It has emerged that most medical aid policies sold by various insurance companies are designed to cover you only for a particular term of your life, thus providing a limited care only, as already indicated above. Consequently, such policies are inherently difficult to understand and do not provide long term cover which is in many instances neccessary.

The importance of the long term insurance cover

You may still be enjoying a healthy and active lifestyle right now and feel that such cover is not relevant for you, well history has proved that a change in health cannot be predicted with absolute certainty. You can got to sleep a healthy man or woman tonight and wake up in a different health state and your fortune changed for the worst.

Future health risks should be taken into consideration at all times and taking out long term care insurance cover should be a priority. Most people reckon life, car, and household insurance are the only important covers to acquire, well they are wrong. You can get sick and require care and without insurance you may find yourself unable to provide for your daily needs.

Why Long-Term Care Cover is Important

While you might not realize the importance of getting such coverage today since you are amongst those fortunate people living a healthy and active lifestyle, you should always take into consideration future risks for your health, as this is the most valuable asset you have.

Do you Qualify for Long-Term Care Cover?

You may not qualify for long-term care insurance if you are already sick or currently getting long-term care services because the majority of individual policies will ask for medical guarantees.

As a result, you won`t qualify for a guarantee and this subsequently means you do not qualify for a long term insurance cover as well. Fortunately, certain group policies do not have the medical underwriting. You better shop around if you already have a poor health.

All-Inclusive Policies

Most policies on the market are all-inclusive. They include care and services in a variety of long-term care settings such as your home, with the option of skilled nursing care included.

Other small yet crucial aspects normally covered in a home setting are therapies such as occupational, speech and rehabilitation and help with personal care.

Depending on a policy, homemaker services such as housekeeping and meal preparation are covered. Other settings covered include adult care centres, hospice care, respite care, residential care facilities, Alzheimer`s special care facilities and nursing homes among others.

The most important aspect not covered by most health insurance policies as put forward above is the paying of facilities meant to make the life of the disabled individual easier.

What is excluded from the policy?

All medical insurance and life insurance and life assurance policies have items excluded from coverage and the same goes for long-term care policies. Exclusions are regulated by the regulations and laws of different countries. It will do you good if you do some research prior to settling for insurance with one specific company.

General Long Term Care Policy Exclusions:

  • Care supplied by a next of kin
  • Care provided outside South African borders, fortunately, most insurance companies are beginning to offer international benefits as well
  • Care that is consequent to attempted suicide or a deliberately self-caused injury
  • Treatment for alcohol abuse or drug misuse
  • There are other exclusions that a policy buyer will have to look out for when they purchase this insurance cover. 

Cost of your Long Term Care Policy

Typically the cost of your long-term care policy depends on many factors and these vary from one policy provider to the next.

Firstly, age is of enormous importance when you purchase the policy. If you are young, typically your premiums are lower compared to of that of a person who is older. The logic is that as a young person you will pay your premium for a long period of time although a young person can also be disabled at a young age.

Secondly, the maximum amount the policy will pay per day. In case you require a huge payout, this will have an effect on the size of your premium.

Thirdly, the number of days or years, that the policy will compensate the policyholder, is crucial as well for the determination of the costs. In essence, if you decide you want to be covered for a few years, your premium won`t look like that of another person with similar circumstances but different terms.

And finally, if you add any discretionary benefits particularly those that swell with price increases it will increase the cost of your cover.

You can quickly and easily get a range of long term care insurance quotes online so that you can compare companies, includions and exclusions as well as premium costs. Using a comparison website may help you narrow down your search and get covered fast.


Featured providers of Long Term Care Insurance in South Africa