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Insurance policies for disabled and aged persons

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Most young people cannot anticipate health problems they may face when they become old, yet the fact is that the health of a person deteriorates significantly as the person ages. Observing older people in their seventies and eighties often provides an indication of the disabilities. Often older people do not have enough funds to pay for a caretaker so it is advisable to purchase a careshield life Singapore policy, to receive monthly payments which will help to pay the expenses which a disabled person will have. More details of insurance support for disabled persons are described.

Daily activities

To lead a normal life, a person has to complete some daily activities like feeding, dressing, toileting, washing, moving around or walking and transferring from the bed to a chair or elsewhere. Due to accidents, illness or aging,some people are not able to do these activities of daily living (ADL) alone, without any kind of assistance. In some cases, the person may be living with a family member who will provide the necessary assistance. However providing this assistance can be time consuming and adversely affect the career of the family member. In other cases, the elderly person or his family members will hire a caretaker who will provide the necessary assistance on payment of his monthly or daily charges depending on the level of assistance which is required.

Insurance

Most people can get a good job and earn well when they are young and healthy, so if they want financial assistance and help during their old age, they should purchase a suitable insurance policy. The person will have to pay the insurance premium when he is earning well. If he is not able to perform one or more ADLs , he is considered disabled and can then apply for financial assistance from the insurance company. The insurance payout is then used to pay for caregiver expenses and children. The insurance payout increases if the person insured cannot perform two or more ADLs. The monthly payouts from the insurance companies continue till the person recovers from the disability or till the end of the life of the person.

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Claiming insurance

The person insured will have to apply for benefits under the policy to the insurance company. He will have to provide details of his condition, especially his disability. The insurance company will usually ask for identification documents like passport, or identity card and details of the hospital whose services the patient uses. The insurance company may also want access to the medical records of the patient. An assessor will also independently assess the condition of the patient and send his report to the insurance company. The assessor’s fees will also have to be paid.

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Purchasing insurance

It is advisable to purchase insurance at a young age since the premiums which will have to be paid will be lower. These premiums will also not increase with age. Citizens can use part of their medical insurance to pay for the insurance premium. Once the person is certified as disabled, he does not have to pay monthly insurance premiums in future.

 

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