10. Long term care insurance

Question 1

Describe the following types of care:
Residential
Sheltered accommodation
Social/domiciliary
Nursing
Intermediate
Replacement & respite

Answer 1

Residential; long-term social care for frail
Sheltered Acc; indepenent living with resident warden
Social/Domiciliary; care in own home
Nursing; nursing home or hospital ward
Intermediate; short-term treatment at home after hospitalisation
R&R; break for carer - replacement care provided

Question 2

Describe the 2 types of long term care insurance?

Answer 2

Pre-funded; bought before needed. Pure protection or LTCI investment bonds

Immediate; regular income in exchange for lump sum payment. Usually impaired life annuity (investment product)