What is Long Term Care?

Long-term care insurance is mainly an institutional arrangement that focuses on providing care guarantee and financial compensation when the insured loses his or her ability to live in daily life, becomes ill or dies. Currently, there are two forms of social insurance and commercial insurance worldwide.

Long-term care insurance

Right!

Long-term care insurance is mainly an institutional arrangement that focuses on providing care guarantee and financial compensation when the insured loses his or her ability to live in daily life, becomes ill or dies. Currently, there are two forms of social insurance and commercial insurance worldwide.

Long term care insurance

Long-term care insurance started in the United States about 20 years ago. The development of long-term care insurance in Germany and France has been very good. In the United States, long-term care insurance has increasingly become the most popular insurance type for the majority of families. It currently accounts for 30% of the American life insurance market. .

In 2018, China's elderly population will reach 240 million. The aging of our population has entered a new stage. The burden of support for the only child has increased. The busy work of young people has reduced the time to care for the elderly. Long-term care insurance has a promising market.

1. Failure of daily activities. This includes: getting up and sleeping, or living activities, dressing and undressing, etc.

2. Medical necessity and hospitalization. The insurance company requires that the insured have the medical necessity when entering the nursing home as well as the hospital.

3. Cognitive Impairment. Generally, long-term care is considered necessary if the insured is diagnosed with a cognitive disability in some way.

Each insurance company is different, and generally has the following contents:

1. Long-term care insurance. Insured person's incapacity caused by accident and other reasons.

2. Cancer insurance benefits. First occurrence of a specific cancer within the coverage.

3. Death insurance. Available for death of the insured.

4. Elderly care insurance. After the age of 60, the insured will receive it according to regulations.

5. Elderly disease insurance. Contracted illness for the first time.

This type of product is a specialty of professional health insurance companies, and its products are relatively mature. At present, there are four professional health insurance companies in China: People's Health Insurance Company of China, Ping An Health, Ruiford and Kunlun Health Insurance.