Care in Old Age - Long Term Care Insurance

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Care in old age - Long Term Care Insurance

This type of insurance pays out an income - often after a waiting period, such as 90 days, if you become unable to cope on your own. The income can be used to pay fees to a nursing or residential care home or to provide help in your own home. Since April 1996, the income has been tax-free.

Typically, you'll have a valid claim if you are unable to carry out two or three out of five 'activities of daily living' (ADLs), such as, personal hygiene, dressing, feeding yourself, mobility and continence.

Although aimed mainly at paying for care in old age, this type of plan pays out whatever your age if you meet the disability test. However, bear in mind that you might need care even though you are not so.

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