It says that all insurers sell CI, fewer offer IP and very few offer LTCI. QUESTIONS: 1. IF FEW INSURERS OFFER IP, IT MEANS THAT LOW PERCENTAGE OF UK POPULATION HAS IP INSURANCE? IF IT SO, DOES IT MEAN POPULATION HAS THIS COVER THROUGH PENSION FUND? CUZ IF NOT, WHAT R THE SOURCES OF THIS COVER? 2. DOES ESA PAYS ENABLED DURING HIS ILLNESS WHILE PAYMENT BASED ON PRE DISABLED INCOME OR SOME BASIC LEVEL (SAME TO ALL)? 3.AT THE SAME SUMMARY IT SAYS THAT LTC BUSINESS IS VERY LOW. CONSIDERING THE FACT THAT PUBLIC THAT RECIEVE GOVERNMENT HELP AND ENTITLED TO AA PAYMENTS RECEIVE VERY BASIC LEVEL OF PAYMENTS, IT MEANS THAT THOSE ONE WHO DON'T HAVE PRIVATE LTC INSURANCE THEY TOTALY EXPOSED TO RISK OF OWN FINANCING LTC. IS IT RIGHT? 4. WHAT ARE THE LEVELS OF AA AND ARE THOSE AT THE SAME LEVEL TO ALL? THANKS AHEAD
Hi losha 1. Some people will have IP insurance through employers, particularly via group schemes. For others though, they don't have any cover however the UK government does provide an income to those without their own sources of finance in case they are unable to work for this reason. This income may not be at a level similar to the individual was earning though, which is often how IP insurance is sold. It is the lack of penetration of IP insurance that has led to discussions about how to make it more popular - the possibility of a "simple" IP insurance product that was more comparable, easier to understand and was cheaper was suggested as one way to help this. 2. You can find more details on how much is paid for ESA here: https://www.gov.uk/employment-support-allowance/what-youll-get But essentially it is a fixed amount irrespective of your pre-disability income (hence my previous comment). 3. Again, the government offers help in the UK. As the notes mention, the assistance is means tested so if you can fund yourself you will be expected to do so. If you can't afford it though, the State will pay, although you might not have much choice about where the care is offered. 4. Details of attendance allowance are available here: https://www.gov.uk/attendance-allowance/what-youll-get There are 2 rates, and the rate received depends on the level of care needed. But again, they are flat rates irrespective of the actual costs of care or pre-disability income. As the website mentions, there may also be other benefits that individuals are entitled to which could increase benefits. There is now a cap on the total benefits that someone in the UK ages between 16-64 and not in work can receive (obviously AA isn't included within this given it is paid to those over 65). Details of this are available here for your information: https://www.gov.uk/benefit-cap/benefit-cap-amounts. I hope this helps. Thanks Sarah
