Long Term Care, the parachute in case of non-self-sufficiency
Non-self-sufficiency is a real social problem that is still very much underestimated, if not ignored by the majority of Italians. It should therefore be pre-occupied in order to ensure a peaceful old age assisted in the family or in appropriate facilities.
Italy is an increasingly old country.
Eurostat indicates that 22.8 per cent of the Italian population is over 65 years old, the highest percentage in Europe. This is undoubtedly positive news, because it means that Italians have a higher life expectancy than the European average. But living long unfortunately does not mean ‘living healthy for a long time’. There are many people in Italy who struggle to take care of themselves and live with severe limitations in their daily activities.
A trend that is surely destined to grow as the population ages: in 2028 there will be 25 million chronically ill people in Italy, one million more than the almost 24 million already recorded in 2018.
To date, the care of the elderly is left in most cases to family members, who bear the organizational but also economic burden of care.
The situation appears unsustainable in the future and for this reason it is necessary to intervene in time. But how?
In addition to the necessary prevention and a correct lifestyle that limit the onset of many illnesses, Long Term Care (LTC) insurance policies can be used to reduce the risk of having to cope with unexpected and large expenses caused by illnesses or accidents or by senescence leading to a state of non-self-sufficiency.
These insurances are purchased to protect oneself against the risk of non-self-sufficiency, when it is particularly useful to have a sum to pay for a carer or a nursing home or to have the necessary assistance, thus avoiding having to burden one’s family members.
In fact, caring for a dependent person is always very costly and often the burden falls directly on the family, since state intervention does not exist or only minimally covers the necessary costs.
The policy offers a monthly annuity that makes it possible to meet the payment of medical or care expenses for insured persons who, due to an illness or an accident or simply as a result of advancing age, need help to perform the normal actions of daily life, such as eating, dressing, moving, washing; operations that they would otherwise be unable to do on their own.
The amount of the annuity is chosen when the policy is taken out and there may also be additional guarantees, depending on the policy purchased.
